Shearman & Sterling advised the underwriters in connection with the U.S. initial public offering of Vista Oil & Gas, S.A.B. de C.V’s of approximately 10.8 million shares, including American Depositary Shares (ADSs), priced at $9.25 per share and per ADS, raising gross proceeds of approximately $101 million. The company made an international offering of 9,291,304 series A shares represented by ADSs in the U.S. and other countries outside of Mexico, and a concurrent Mexican public offering of 708,696 series A shares that was authorized by the Mexican National Banking and Securities Commission. The shares began trading on the New York Stock Exchange under the ticker symbol “VIST” on July 26, 2019. The underwriters partially exercised their option to purchase an additional 799,953 of the 1,393,696 ADSs available.
Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC acted as joint global coordinators for the offering. Itaú BBA USA Securities, Inc., Morgan Stanley & Co. LLC and Santander Investment Securities Inc. acted as joint bookrunners for the offering.
Vista Oil & Gas, which is principally engaged in the business of exploration and production of oil and gas in the Vaca Muerta shale play in Argentina and also operates in Mexico, is the first Mexican company to list its shares on the NYSE in 2019.
The Shearman & Sterling team below included visiting attorney Victoria Tuculet.