Grupo Mexico Weighs IPOs for Units With Two in 2013
(Corrects date in headline.)
Grupo Mexico SAB may hold initial public offerings for all three of its divisions, with two coming as soon as this year, Chief Financial Officer Daniel Muniz said.
The company could open up as much as 25 percent of its Americas Mining unit in a share sale in London, or opt for an international offering known as a global depositary receipt, Muniz said today at the Bloomberg Mexico Economic Summit in Mexico City. The railroad division would hold an IPO later this year, followed later by the infrastructure unit, he said.
The IPOs would allow investors to more easily determine the value of the individual businesses, providing the market with a more transparent picture of how much the holding company is worth. Grupo Mexico trades at a 26 percent discount to the benchmark IPC index, measured in terms of its price compared to earnings.
The shares fell 0.6 percent to 49.50 pesos at 12:26 p.m. in Mexico City. They had climbed 6.5 percent this year through yesterday, compared with a 2.8 percent decline for the IPC.
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