Bloomberg — Industrial real estate developer Corporacion Inmobiliaria Vesta SAB (OPI) raised the most money in US markets by a Mexican company in eleven years with an offering that tapped into the buzz over the migration of manufacturers into the country.
Vesta raised $387.5 million in an offering of US-traded shares on Thursday, the company said in a filing, while underwriters have a 30-day option to purchase an additional $58 million. That was the biggest placement by a Mexican company in US markets since Grupo Financiero Santander Mexico SAB in 2012, according to data compiled by Bloomberg.
Shares opened at $32 in New York Friday, 3% higher than the $31 the offer priced at.
The offering comes amid growing evidence that more companies are moving to Mexico to be closer to the US market in the wake of Covid supply chain snags, in a trend called nearshoring. Rental prices have soared as occupancy of industrial parks climb to record levels.
Vesta plans to use the funds to purchase more land and develop buildings, according to a filing with the Securities and Exchange Commission. The company listed shares in Mexico in 2012.
The offering was the first by a Mexican firm in the US since blank-check company LIV Capital Acquisition Corp I (LIVB) in February 2022.
--With assistance from Ilan Brik and Vinícius Andrade.
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