A Jose Cuervo IPO could be a reality sooner than you might think.
The Mexico tequila maker is working hard towards raising $1 billion for an initial public offering that many have been awaiting. The liquor producer hopes to go public with shares selling at a price of 30 to 34 pesos at launch, or $1.40 to $1.59 a share.
The Jose Cuervo IPO is targeted for a Feb. 8 launch. The company has been attempting to go public for a while, but it has faced various setbacks over recent months.
Such a move was designed to come to fruition late last year, but it was put on hold when U.S. President Donald Trump was voted into the White House, sending the peso to record lows.
Additionally the Trump election raised fears regarding Mexico and the rest of Latin America’s economy potentially slowing down. The Jose Cuervo IPO has not been confirmed by company representatives as Cristobal Mariscal, general counsel and corporate affairs director for Jose Cuervo, did not comment on the matter.
The tequila giant has been around since the late 1700s when Jose Antonio de Cuervo began the company before Mexico even gained its independence from Spain, making it by some estimates the oldest continuous producer of spirits in North America.
The Jose Cuervo IPO will reportedly be used to fund growth and broaden its portfolio. The Beckmann family holds the majority of company shares at the moment, and it will remain this way after the IPO.