Tres Marias Reloads Mexico IPO

Mexican developer Tres Marias is planning to price its IPO June 29, according to a banker on the deal. The issuer had originally hoped to issue in May and tried again earlier this month. The process has been delayed – as have nearly all equity offerings in the region – due to market conditions. It has also been held up by the Bolsa’s work on creating a subgroup of mid-market stocks to include smaller companies with less liquidity than others trading. Tres Marias hopes to sell up to 33.2m shares at MXP30-MXP34.32 each, according to the banker, with an aim to reach a total deal size of MXP1bn. The issuer is developing a “city within a city” mixed-use project in Michoacan state. Ixe is managing the share sale. If it happens as scheduled, the deal would come one day before grower Proteak, which is also aiming to raise around MXP1bn via an IPO scheduled for June 30. The transactions would be the third and fourth IPOs this year in Mexico. Last year saw none and Mexico has seen relatively little over the past few years, especially when compared to the flood from Brazil.