Jose Cuervo Said To Plan November IPO After Postponing Roadshow
Jose Cuervo has pushed back the date of its initial public offering until next month as it smooths out audit-related snags, according to a person familiar with the matter.
Investor meetings to market the offering, which were scheduled for this week, have been postponed, said the person, who asked not to be identified because the information is private. Jose Cuervo plans to sell shares by Nov. 24, said the person. The world’s biggest tequila producer filed for an initial public offering on the Mexico stock exchange last week.
A representative for Jose Cuervo couldn’t immediately be reached.
The company, controlled by the billionaire Beckmann family, is embarking on a plan to transform the area surrounding the town of Tequila, Mexico, into a destination for tourists enamored with the spirit made from blue-agave plants. Chief Executive Officer Juan Domingo Beckmann has signaled since at least 2006 that a stock listing was under consideration.
Cuervo plans to use proceeds from the IPO for general corporate purposes, which may include acquisitions, according to the prospectus. While the filing didn’t say how much the company intended to raise, people with knowledge of the matter said in May that the Mexico City-based tequila producer may seek to raise as much as $1 billion.
Reuters reported the deal’s postponement earlier.
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