Fibra Next, spun off by parent trust Fibra Uno (FUNO11.MX), plans to issue some 277.8 million Real Estate Trust Stock Certificates (CBFIs) in the offering, scheduled for November 28, according to the document dated Tuesday.
Fibra Nearshoring Experts and Technology, as Fibra Next is officially known, had reportedly initially been targeting a valuation of $1.5 billion according to media reports last month, pricing it as the largest local IPO since 2018.
The funds raised will be used for the acquisition and development of properties, Fibra Next stated in a separate presentation to investors.
Fibra Next is tapping in on the real estate buzz from nearshoring - the trend of locating manufacturing capacity in Mexico, closer to the U.S. market, rather than in Asia - to boost profits and economic growth.
Another real estate trust, Vesta (VESTA.MX), debuted on New York Stock Exchange earlier this year with a $400 million initial public offering.
Persons:
Fibra Uno, Fibra, Noe Torres, Adriana Barrera, Isabel Woodford, Michael Perry
Organizations:
MEXICO CITY, Technology, Fibro Uno, New York Stock Exchange, Thomson
Locations:
MEXICO, Mexican, Mexico, U.S, Asia