At the end of October, the Brazilian stock exchange had listed a record 147 IPOs in 2007. In contrast, the Mexican market has had one new listing all year. In April, Banco Compartamos did a $466 million listing and became one of 133 companies on the exchange.
Several explanations for the exchange’s poor performance, when compared with Brazil, have been given. “Mexico has been investment grade for a while, the markets have been open for years, the cost of debt is pretty low and the companies, in general, are reasonably well capitalized,” says Antonio Quintella, country head of Credit Suisse in Brazil.
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