(Updates to show increase in share price in early trade)
MEXICO CITY, Dec 10 (Reuters) - Rotoplas, a Mexican manufacturer of water cisterns, has priced its initial public offering at 29 pesos per share, making it worth some 4.182 billion pesos ($290.56 million), the company said on Wednesday.
Rotoplas, which operates in Mexico, the United States and 10 other countries in the Americas, is selling some 144.2 million shares, including an overallotment option.
Shares in Rotoplas rose by more than 5 percent in early trading, climbing above 30.5 pesos per share. By contrast, Mexico’s IPC stock index was down slightly.
The company, which also runs water treatment plants and sells domestic water filters, said last month it plans to use the stock offering to finance an expansion in the United States, Mexico and Brazil, possibly through acquisitions.
In 2013, Rotoplas reported sales of 5.412 billion pesos and a net profit of 436.5 million pesos.
$1 = 14.3930 Mexican pesos Reporting by Noe Torres; Editing by Paul Simao