Mexican Grower Pulls IPO

Mexico’s Proteak is delaying its IPO until market conditions improve, according to a banker on the sale. The teak wood grower had aimed to raise as much as MXP1.13bn through the sale, for which it had indicated a price range of MXP11.58-MXP12.75. Proteak wanted to sell up to 88.7m primary shares, including an 11.6m unit overallotment in the deal, likely to be only Mexico’s third IPO in almost 2 years. Bulltick is managing the sale, with proceeds for acquisitions and organic growth. Developer Tres Marias, which is building a “city within a city” mixed-use project in Michoacan state, has also pushed back its own MXP1bn IPO, to at least June 3.