Dubai: Mexican mining, transport and infrastructure company Grupo Mexico is aiming for an initial public offering of its railroad unit in the first half of this year, a senior company executive said.
Grupo Mexico had said it was considering a public offering for about 15 per cent of its rail unit. The unit has benefited from Mexico’s booming auto sector, shuttling an increasing number of Mexican-built cars north to the United States.
Mexico’s bourse said it had received a request from ITM, Grupo Mexico’s rail unit, for a mixed share offering on the exchange.
Grupo Mexico Chief Financial Officer Daniel Muniz told analysts on a conference call that the IPO would definitely take place.
“Timing depends a little bit on the market, really, but we can do it in the first half of the year,” Muniz said. “That is when we are targeting.” According to an analyst note, Grupo Mexico could expect to make $660 million (Dh2.4 billion) by listing 15 per cent of its rail unit.
The company’s shares ended up 1.23 per cent at 45.25 Mexican pesos.
