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Mexico Eyes Record IPOs Before Election Season Slowdown: Sources

Sheky Espejo - Reuters
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September 28, 2017
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Some investors are especially wary of the current front-runner for next July's presidential contest, leftist hopeful Andres Manuel Lopez Obrador (Sopitas.com)

As many as 10 companies could list on Mexico's stock exchange by the end of 2017, sources from the exchange said, potentially marking a record year ahead of slower expected activity in 2018 due to Mexico's elections.

Since January, four companies have listed in Mexico, raising a combined $2.1 billion in initial public offerings (IPOs). In addition, Sigma Alimentos, a unit of industrial conglomerate Grupo Alfa , and Traxion, a transportation company controlled by private equity funds Nexxus and Discovery Americas, this week confirmed their IPOs.

In October, Banco Mifel is expected to launch its IPO, as is the transportation subsidiary of Mexican miner Grupo Mexico. Two more companies are considering IPOs, said one of the two sources, who declined to be named citing confidentiality.

In 2013, a record year, Mexico added nine new companies to its bourse.

"A committee within the Mexican stock exchange is created for each new listing, and we've never had as many committees as we have this year," said one source.

The pace of IPOs in Mexico typically slows during an election year, and some investors are especially wary of the current front-runner for next July's presidential contest, leftist hopeful Andres Manuel Lopez Obrador.

Read the rest at TheFiscalTimes

Related: Mexico Keeps Rate at 7% as Inflation Begins to Lose Steam (Bloomberg)


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