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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 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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