How big was the demand for the Arcos Dorados IPO?
At 3:30pm ET, traders were telling me the deal size was being upped to at least 70 million (up from 62.5 million) shares at $15-$16 (up from $13-$15)...by 4:15 (after the book had closed) the deal had been increased to 73.5 million shares at $17 a share.
Who are these guys? Arcos Dorados (it means "Golden Arches" in Spanish, folks) are the largest franchisee of McDonald's in the world — they own 1,755 resturants in 19 Latin American/Caribbean countries.
How big is that? It's every McDonald's restaurant in those countries. They account for 5.1 percent of all global sales of McDonald's.
They are based in Buenos Aires, and that's a big factor in the demand for the deal: the size of the deal ($1.25 billion) and the location (Latin America) makes it a perfect fit for emerging market funds that are eager for more stocks to add to their portfolios.
Mark Haines, Erin Burnett and I will be interviewing the CEO on Squawk on the Street tomorrow (Thursday) morning at 9:55am ET.
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