Shares of Liga MX's Club América, a spinoff of Mexico's largest broadcaster Televisa, which controls one of the country's top soccer clubs, soared as much as 200% in its market debut on Tuesday.
The group, also known as Ollamani, represents Mexico's reigning league champion Club América and its iconic Estadio Azteca, and brings together Televisa's former betting business and publishing operations.
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In its first hours of trading, the shares reached 34.50 pesos ($1.34) compared to an initial price of 11.50 pesos, and its dizzying rise caused several brief suspensions of trading in the market when around 1.6 million shares changed hands.
América joins a select list of publicly traded football clubs, such as Manchester United, Juventus, Borussia Dortmund and Ajax. It is estimated that 25 football institutions in 13 countries are listed on the stock market.
Club América is the first Latin American team to enter the stock market. It is the most successful club in the country with 14 championships won, and its stadium has a capacity for more than 80,000 people and has hosted two World Cups.
These include the 1986 tournament in which Argentine legend Diego Maradona scored his legendary “Hand of God” goal against England.
The shares of Club América and Estadio Azteca will be traded independently.
FIFA recently announced that Azteca will host the opening match of the 2026 World Cup, and experts hope this could attract some $150 million to upgrade the facilities.
The debut is a boost for Mexico's stock market, which for years has lacked new listings and seen companies opt to delist.
“It's the euphoria of the first day of trading,” said Roga Capital financial specialist Jacobo Rodríguez, noting that his firm had predicted the price at about 17 pesos. “We will have to see how it is resolved in the coming days.”
Televisa, which retains control of its television business, said the split would allow both companies to focus on their respective industries. Meanwhile, analysts have said the move could facilitate a possible merger between Televisa and broadcaster Megacable.
The Televisa spinoff represented around 10% of the group's income, and its investors received a CPO security for each Televisa share they owned.
Reuters contributed to this report.
