Jose Cuervo International files for IPOBy Annie Hayes
After months of speculation, Jose Cuervo has reportedly filed an initial public offering document with the Mexican stock exchange.
According to Bloomberg, Cuervo – the world’s largest Tequila producer – has filed for an initial public offering and may seek to raise as much as US$1 billion.
If true, this offering would be Mexico’s largest since February 2014. According to the filing, Cuervo did not disclose financial expectations for the sale.
The company, controlled by the billionaire Beckmann family, is said to be embarking on a plan to transform the area surrounding the town of Tequila, Mexico, into a tourist destination.
The brand reportedly plans to use proceeds from the offering for general corporate purposes, which may include acquisitions, according to the prospectus.
News of a potential IPO listing first emerged in March 2016.