Mexican Gruma Makes Global Public Offering

Mexican company Gruma, the world’s largest manufacturer of tortillas, offered 30 million new shares yesterday, Monday, at Ps38.25 per share looking to raise around $109 million. Gruma is aiming to increase its capital and improve the liquidity of its securities in the markets. Gruma is one of the main tortilla suppliers for US fast food chains and food retailers. Following the sale of new shares, the company’s capitalization will increase by around 6.6% to $1.8 billion.