Mexico's Lala says greenshoe option exercised on IPO

MEXICO CITY, Oct 31 (Reuters) - Mexican dairy producer Grupo Lala said on Thursday underwriters had exercised a greenshoe overallotment option on its stock after its initial public offering earlier this month raised more than $1 billion.

Lala said the overallotment was worth some 1.833 billion pesos ($141.01 million) to the company, which launched its shares on the Mexican stock exchange just over two weeks ago.

The stock was issued at 27.50 pesos per share, the same as the IPO pricing, the company said in a statement.

Lala has said it plans to expand outside of Mexico and Central America and invest in technology and plants to cut costs.