NEW YORK, April 13 (Reuters) - Arcos Dorados Holdings Inc,
a large South American franchisee of U.S. fast-food chain
McDonald's Corp
The company and its shareholders sold 73.5 million shares for $17 each, raising $1.25 billion, the source said. They had planned to sell 62.5 million shares for $13 to $15 each.
The source, who spoke on condition of anonymity, also said the deal was roughly 10 times oversubscribed, garnering demand from retail and institutional investors around the world.
Although close to three quarters of the investors were U.S.-based, the IPO especially appealed to large funds focused on Latin American and global growth, the source told Reuters.
Arcos Dorados shares are expected to begin trading on the New York Stock Exchange on Thursday under the symbol "ARCO."
Bank of America, JPMorgan, Morgan Stanley, Itau BBA and Citi underwrote the IPO. (Reporting by Alina Selyukh)