Jose Cuervo IPO to raise over US$700mBy Nicola Carruthers
Mexican drinks group Jose Cuervo has said in an investor conference it will seek to raise more than US$700 million in an initial public offering in February, according to reports.
The Mexican spirits producer will raise US$706.5 million, according to an investor presentation seen by Reuters, offering 476.6 million shares priced between 30-34 pesos per share.
Singapore’s Temasek Holdings will take 20% of the offer at the value of about US$175 million.
The company started publicising the deal to investors this week, with the offering finalised as early as 8 February, after plans were delayed in October citing uncertainty surrounding the US presidential election.
Donald Trump’s surprise victory cast further doubt on the planned floatation, which was expected to raise as much as US$1 billion.
The company is poised to benefit from a 15% decline in the Mexican peso since the election, a development which could boost exports to the US.