Mexican real estate company, Fibra Uno Administration SA, also known as Funo, is planning an Initial Public Offering (IPO) via Fibra Next. The company aims to raise over $1.5 billion, potentially marking the largest IPO in Mexico since 2018. This announcement was made on Friday and follows a recent trend of "nearshoring" where manufacturers are relocating to Mexico, now the largest trading partner of the United States, surpassing China.
Since announcing these plans on Thursday last week, Funo's shares have seen a significant increase, rising by 19%. The El Mann family, founders, and major shareholders of Funo are expected to receive about $1 billion in equity for their properties. Gordon Lee from Banco BTG (LON:BTG) Pactual suggested that this IPO could raise around $1.5 billion while issuing equity to the El Mann family.
BBVA (BME:BBVA) Casa de Bolsa is globally leading this offering. The move comes at a time when other firms such as Prologis (NYSE:PLD) Property Mexico SA and Grupo Traxion SAB have also recently issued shares in Mexico.
In related news, Corporación Inmobiliaria Vesta SAB recently had a US IPO, raising nearly $450 million. This marked the largest IPO by a Mexican company in the US in over a decade.
The upcoming Funo IPO could be the most significant since the $1.6 billion placement of shares in a trust for a new Mexico City airport. However, this project was later canceled by President Andres Manuel Lopez Obrador.
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