The company, which was spun off from industrial assets of Fibra Uno Administracion SA, sold shares, known as CBFIs, at a price of 100 pesos each, the company confirmed, Bloomberg News reported earlier in the day.
Fibra Next will use the funds to develop 500,000 square meters of industrial real estate, Fibra Uno Deputy CEO Gonzalo Robina said at an event following the announcement. Fibra Next CEO Raúl Gallegos said the company also plans to acquire real estate as part of its growth strategy, but will focus on developing its own projects.
The deal came after a series of delays. The IPO was originally scheduled for 2023 to raise up to $1.5 billion, but was pushed back at the last minute after tax authorities failed to provide a key approval in time. The listing was delayed again the following year as officials demanded more information about the asset spinoff, and the process was then slowed by the worst year for the Mexican stock market since 2018. The company plans to return to the market with an additional offering of shares to support its growth plans, which could require up to $800 million, Robina said.
Although Fibra Uno has resumed its plans amid the growth of emerging markets, this year’s listing has faced a new challenge in recent weeks due to the decision to replace CIBanco with Altor Casa de Bolsa SA as general representative. CIBanco became one of three Mexican financial institutions that the U.S. Department of the Treasury (FinCEN) has designated as “highly significant money laundering threats,” effectively cutting them off from the U.S. financial system.
The Fibra Next listing comes as Mexican stock exchanges try to revive activity after a long period without major IPOs. The last major IPO was in 2018, when a real estate fund sold $1.6 billion worth of shares linked to an airport project, which was later canceled by then-President Andrés Manuel López Obrador. Discount retailer BBB Foods Inc. chose a U.S. IPO last year to get a higher valuation in a more liquid market. Other major listings have come in the form of private placements.
“This is exactly the signal that many have been waiting for to see: Mexico’s capital market is ready to grow again,” added Robina.
Officials also said the country is not particularly vulnerable to trade shocks related to U.S. tariffs on goods such as cars, steel and aluminum, as 75% of the company’s operating facilities are focused on logistics in central Mexico, serving domestic demand. The remaining 25% are located in the north of the country – a region focused on exports to North America – but even there, there has been no drop in demand or cancellation of contracts due to the threat of U.S. tariffs, Robina added.
Source: Bloomberg