Pawn Shop Chain Set to Break Mexico’s IPO Drought in February
Pawn Shop Chain Set to Break Mexico’s IPO Drought in February
(Bloomberg) -- A Mexican pawn shop operator said it plans to carry out the first initial public offering in the Latin American nation for 16 months.
Tenedora de Acciones CM SAB, which operates stores under the name Casa Mazatlan, will offer ordinary shares in February, according to a filing to the Biva stock exchange, which was set up in 2018. It didn’t say how much it expects to raise.
The listing will mark the first IPO by a company in Mexico that is not a real-estate trust since Cox Energy America SAB listed in July 2017.
The lender has 2.9% of the pawn shop market in Mexico with 194 locations, plus 22 in Guatemala, according to a company presentation to investors. It reported 693 million pesos in revenues in the first nine months of the year with earnings before interests, taxes and depreciation of $87 million pesos.
Punto Casa de Bolsa, the brokerage that is part of billionaire Ricardo Salinas Pliego’s Grupo Elektra, and Intercam are bookrunners.
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