Mexico's Fibra Next targets $422 million after reviving stalled IPO
WHY IT'S IMPORTANT
The IPO signals renewed confidence in Mexico's REIT market after regulatory delays last year stalled Fibra Next's debut on the stock exchange.
BY THE NUMBERS
Fibra Next plans to issue 80 million Real Estate Trust Certificates (CBFIs) at an offering price of 100 pesos each. Including overallotment and additional issuance options, the offering could reach 110.4 million certificates.
CONTEXT
Fibra Next was created with industrial assets from Fibra Uno, Mexico's largest real estate investment trust.
REITs in Mexico, known as "fibras," operate similarly to U.S. REITs, offering returns from rental income and capital gains on property portfolios. Fibra Next's IPO was delayed in late 2023 due to a lack of "confirmation of judgment" from the tax authorities.
WHAT'S NEXT
The IPO is scheduled for later this year, according to the preliminary prospectus released through Mexico's main stock exchange.
($1 = 18.9667 pesos)
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