Tres Marias Waits on IPO

Pricing of a MXP1bn IPO of Mexican developer Tres Marias has been moved to June 10 from June 3, says a banker familiar with the trade. He says one of the reasons why the IPO had to be moved again is because the local exchange is still working on creating a subgroup of mid-market stocks to include smaller companies with less liquidity than others trading on the Bolsa. The IPO was originally scheduled to happen May 26. Tres Marias hopes to sell up to 29.1m shares at MXP34.32 each. The issuer is developing a “city within a city” mixed-use project in Michoacan state. Ixe is managing the sale.