Mexico's top soccer club Aguilas triples starting price in market debut

MEXICO CITY :Shares in Aguilas, a spin-off from Mexico's largest broadcaster Televisa which controls one of the country's top soccer clubs, soared by as much as 200 per cent in its market debut on Tuesday.

The group, also known as Ollamani, brings together Mexico's current league champions Club America and their iconic Aztec Stadium as well as Televisa's former betting business and publishing operations.

Within their first hours of trading, shares hit as much as 34.50 pesos ($2.02) compared to a starting price of 11.50 pesos, their hurtling increase triggering several brief market trading suspensions as over 2 million shares swapped hands.

"It's the euphoria of the first day of trading," Roga Capital financial specialist Jacobo Rodriguez said, noting his firm had forecast the price at some 17 pesos. "We'll have to see how it settles in the coming days."

Emilio Azcarraga, who chairs the newly listed company's board, said in a statement the debut marked an opportunity for the club's fans to become more involved as shareholders. "This fills me with excitement," he said.

By noon (1800 GMT), shares were trading at 31.5 pesos.

Televisa, which retains control of its television business, said the split would allow both companies to focus on their respective industries. Analysts, meanwhile, have said the move could facilitate a possible merger between Televisa and fellow broadcaster Megacable.

Televisa's spin-off accounted for some 10 per cent of group revenues, and its investors have received one CPO title for each Televisa share they held.

Club America is the first of Mexico's soccer league clubs to enter the local stock market. It is the country's most successful club with 14 championship wins, and its home stadium has a capacity of