The initial public offering for tequila producer Jose Cuervo on the Mexican Stock Exchange this week was at least four times oversubscribed, according to reports in several business journals.
Bloomberg reported that Jose Cuervo sold about US$790 million of shares in Mexico’s biggest equity offering in more than three years. Industry insiders say Cuervo is looking to transform itself into a global spirits company. Almost two-thirds of the distiller’s output is exported to the United States.
The IPO had been delayed from last year due to the U.S. presidential election.