Tequila producer Jose Cuervo will resurrect plans to launch an initial public offering (IPO) to the value of $1 billion, according to media reports.
Bloomberg reported that the Mexican company will ‘start formally marketing the deal to investors’ this week and could launch the IPO as early as next month.
It had previously abandoned attempts to launch the offering following the election of Donald Trump as US president, and a fall in the value of the Mexican peso that saw it lose more than half a cent overnight.
Jose Cuervo hopes that investors will pay between MXN 30 and MXN 34 ($1.40–$1.59) per share.
The company has said proceeds from the IPO will be used to fund growth, as well as broaden its portfolio, Reuters reported.
Cuervo is one of the oldest companies in Mexico, founded in 1758 and granted a concession from the King of Spain in 1795 to produce Vino de Mezcal, now known as Tequila Cuervo. It owns the largest agave plantation in Mexico and has its own distilleries and bottling facility.
Cuervo is the largest tequila producer and boasts a presence in more than 95 countries, as well as being the second largest distributor of premium spirits and liqueurs in Mexico in terms of both volume and value.
Its products include Jose Cuervo Tradicional; as well as Jose Cuervo Gold, Silver and Black.
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