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Jose Cuervo Plummets 13% Below IPO Price to Record Low

Octavio (42) bartender servers a glass of tequila 'Jose Cuervo' at his cantina-bar in Mexico city on 27 December 2007. Susana Gonzalez
Photographer: Susana Gonzalez/Bloomberg

It’s been a tough few months for investors who bought into Mexico’s biggest IPO since 2013. Shares of Jose Cuervo, the world’s biggest tequila maker, have fallen 13 percent below their February IPO price and on Tuesday closed at 29.67 pesos apiece, a record low, after the company said volumes fell during the second quarter in the U.S., where Becle SAB, as it’s formally known, gets 73 percent of its revenue. Investors are concerned the company won’t be able to grow as quickly as expected.