Tres Marias Shelves Mexico IPO Again

Tres Marias has again postponed its MXP1bn IPO, after failing to price late Tuesday, following a 3.4% drop in the bolsa amid global equity weakness. “The offering has been postponed until further notice due to market conditions,” says a banker on the trade, which was billed as the third IPO in 2 years from Mexico. The developer had hoped to issue up to 32m shares at MXP30.00-MXP34.32 with the intention of reaching a MXP1bn deal size. Like many smaller Mexican companies seeking growth capital, Tres Marias sought last year to raise funds through a CCD transaction, but decided to go the IPO route after regulatory changes allowed the liquid Afore pension funds to invest in IPOs. The issuer had originally hoped to issue in May and tried again earlier this month. The issuer is developing a “city within a city” mixed-use project in Michoacan state. Ixe is running the IPO.