Jose Cuervo’s $1bn IPO rumoured for Q3By Melita Kiely
Jose Cuervo International is reportedly looking to raise up to US$1 billion in an initial public offering (IPO) planned for the third quarter of 2016.
The world’s largest Tequila producer is allegedly working with units of Morgan Stanley, JPMorgan Chase & Co and Banco Santander, according to two sources who asked not to be identified when talking to Bloomberg.
The majority of the offering will be new equity capital, but it could have a secondary component that would enable existing owners to sell part of their stakes, according to one person.
News of a potential IPO listing first emerged in March 2016 and could be as low as US$500 million.
Jose Cuervo is based in Mexico City and is controlled by the billionaire Beckmann family. CEO Juan Domingo has suggested in the past he may consider a stock listing, but this is the furthest such plans have been developed.
In 2014, the Tequila producer acquired Bushmills Irish whiskey from Diageo and handed over full ownership of Don Julio Tequila.