Jose Cuervo planning February IPOBy Nicola Carruthers
Mexican drinks group Jose Cuervo has reportedly taken a step forward with plans for an initial public offering (IPO) after delaying the share sale last year.
According to Bloomberg, Cuervo – the world’s largest Tequila producer – plans to start publicising the deal to investors this week, with the offering finalised as early as 8 February.
The Mexican spirits producer first put IPO plans on hold in October citing market 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.
Additionally, the recent plans follows the news that the Mexican stock exchange has posted a gain of 2.7% so far in 2017.
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.
News of a potential IPO listing first emerged in March 2016.
It was also reported today that President Donald Trump fulfilled a campaign pledge by signing an executive order to withdraw the US from the Trans-Pacific Partnership (TPP).