Mexican Developer Kicks Off IPO

Mexico’s Corporacion Inmobiliaria Vesta has launched its IPO, targeting about MXP4bn ($300m), according to regulatory documents. The industrial property developer plans to price July 18. It is offering 177.2m shares at MXP19.00-MXP21.00, meaning a MXP4.08bn sale at the midpoint and if a 15% greenshoe is used. The base deal includes 50.7m primary shares sold in Mexico, 88.6m primary shares sold internationally, and 37.9m secondary shares sold in Mexico by members of the founding Corona family and other investors. Vesta plans to use 75% of the proceeds for construction of new projects and the remainder for acquisitions. Credit Suisse and Santander are managing. The developer is in 11 Mexican states and specializes in light manufacturing and distribution facilities.