BBB Foods, which operates a network of more than 2,200 discount grocery stores in Mexico, filed on Thursday with the SEC to raise up to $300 million in an initial public offering.
BBB Foods states that it is the leader in the grocery hard discount model in Mexico. Operating under the name Tiendas 3B, the company offers a limited assortment of products that cover the daily grocery needs of its customers, pricing products to offer what is generally market-leading value for money. Its product range consists of approximately 800 SKUs of branded, private label, and spot products. BBB Foods had 2,288 stores at the end of 2023.
The Mexico City, Mexico-based company was founded in 2004 and booked $2.4 billion in sales for the 12 months ended September 30, 2023. It plans to list on the NYSE under the symbol TBBB. BBB Foods filed confidentially on November 13, 2023. J.P. Morgan, Morgan Stanley, BofA Securities, Scotia Capital, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
