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Mexico's $2.7 Billion Homebuilder Nightmare Fades as IPOs Surge

  • Corpovael and Javer have sold shares since early December
  • The industry is showing signs of life after 2013 meltdown
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Mexico’s homebuilding business is staging a comeback less than three years after the industry’s biggest companies saddled investors with losses from collapsing share prices and $2.7 billion in bond defaults.

Builders are dominating the new issuance market, with Corpovael SAB and Servicios Corporativos Javer SAB selling shares since early December and a third company seeking to raise money later this year. They’re among the competitors that rushed to fill the gap left by the largest three builders, which were forced to downsize following their failures in 2013.