(Bloomberg) – The construction company of billionaire Carlos Slim, Promoter of Development in Latin America, is planning the largest public offering of shares that Mexico has seen in almost two years.
The company, known as Promotora Ideal, will sell shares worth 25.8 billion pesos (US $ 1.4 billion) in a Fibra E, a Mexican structure similar to the REIT that invests in infrastructure projects, according to a document presented to the stock exchange. of securities of Mexico.
Juan Rich, head of research at the Mexican brokerage Ve por Más, believes that the price could generate a lot of interest, as Mexican reference interest rates are expected to continue to fall, which increases the attractiveness of investment dividend yields similar to REIT.
“It’s a good time to get a Fiber,” says Rich.
Telesites, the Slim company that owns telecommunications towers, reported earlier this month that it was also exploring the issuance of a Fiber, but has not set a date or provided more details.
End to a drought stage in Mexico
Slim’s offer will break a long drought in Mexican markets and is the first Fibra E to go public since June 2018, when Administrator Fibraestructura raised US $ 298 million. It is also the largest offer in the country since the new planned Mexico City airport project sold US $ 1.5 billion in shares in an IPO in March 2018.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Uncertainty has surrounded Mexican capital markets since the airport project was canceled by the president, Andrés Manuel López Obrador, only seven months after the IPO. Carlos Slim’s companies had important contracts with the project, and the pension fund managed by its bank, Grupo Financiero Inbursa, was one of the main investors in the airport’s Fiber. Slow economic growth and declining investment have also contributed to the shortage of quotes in Mexico. “Data-reactid =” 29 “> Uncertainty has surrounded Mexican capital markets since the airport project was canceled by the president Andrés Manuel López Obrador, only seven months after the IPO, Carlos Slim’s companies had important contracts with the project, and the pension fund managed by its bank, Grupo Financiero Inbursa, was one of the main investors in the Airport fiber Slow economic growth and declining investment have also contributed to the shortage of prices in Mexico.
The IPO of Ideal will take place sometime this year, and Casa de Bolsa Crédit Suisse will be the broker.
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