Wednesday, June 1, 2016
Jose Cuervo is planning a $1 billion IPO
Jose Cuervo is thinking about going public.
According to Bloomberg, the world's largest tequila producer wants to raise as much as $1 billion in an initial public offering slated for the third quarter.
Like the US, Mexico hasn't seen much IPO action this year.
Citing people familiar with the matter, Bloomberg reported that Morgan Stanley, JP Morgan and Spain-based Banco Santander are working with the company as it preps to go public.
Jose Cuervo's revenues spiked 41% to 10.25 billion pesos ($557 million) in the first quarter of 2016 compared to last year.
Bloomberg reported in March that the company was seeking a share sale of up to $750 million or more. It could end up raising just $500 million, although much of the fine print has not been finalized.