October 4, 2017 / 11:32 PM / 9 months ago

GMexico Transportes plans IPO on October 31 -filing

MEXICO CITY (Reuters) - GMexico Transportes, the rail unit of miner and builder Grupo Mexico (GMEXICOB.MX), plans to price an initial public offering on Oct. 31, according to a prospectus posted on the Mexican stock exchange website on Wednesday.

Its GMexico Transportes transportation division, previously called Infraestructura y Transportes Mexico (ITM), includes subsidiaries Ferrocarril Mexicano (Ferromex), Ferrosur, Intermodal Mexico and Texas Pacifico.

The filing did not provide any guidance on the price range.

Grupo Mexico in 2016 scrapped plans for the IPO of 15 percent of ITM’S stock, arguing that market conditions were not optimal. At that time, it had hoped to raise between 13.7 billion pesos and 16.0 billion pesos ($750 million to $876 million).

Grupo Mexico struck a $2.1 billion deal in March to take over Florida East Coast Railway, allowing it to expand its exposure to U.S. rail freight, increase dollar earnings and diversify revenue sources.

Reporting by Michael O'Boyle; editing by Diane Craft

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