Diablos Rojos Hits a Home Run with BMV Debut

The Mexican baseball team Diablos Rojos went public on the BMV stock exchange with a valuation of 624.3 million pesos. This move marks the team as the first Mexican baseball entity to enter the stock market. The initial share price is set at 1,620 pesos under the ticker 'Diablos'.

The Diablos Rojos, a renowned Mexican baseball team controlled by the affluent Harp family, made waves by listing its shares on the BMV stock exchange. Valued at 624.3 million pesos, this groundbreaking move was unveiled through a prospectus on Friday.

The initial trading price is pegged at 1,620 pesos per share, under the ticker symbol 'Diablos'. This step signifies a pioneering moment for Mexican baseball, as the Diablos Rojos becomes the first team in the league to enter the stock market.

In the world of sports securities, this move follows the successful public offering of the popular soccer club America, which went public in February after being spun off from Grupo Televisa. Since then, America's shares have surged by nearly 200%, setting a promising precedent for sports teams eyeing public investment opportunities. For reference, $1.00 equals 20.079 Mexican pesos.

(With inputs from agencies.)