Vesta Real Estate, which owns and operates industrial real estate properties in Mexico, announced terms for its IPO on Monday.
The Mexico City, Mexico-based company plans to raise $401 million by offering 12.5 million ADSs at $32.07, the as-converted last close of its shares on the Mexican Stock Exchange (VESTA). At the proposed price, Vesta Real Estate would command a market value of $2.6 billion.
Vesta is a fully-integrated, internally managed real estate company that owns, manages, develops, and leases industrial properties in Mexico. The company operates properties across fifteen Mexican states, and as of March 31, 2023, its portfolio contained 202 buildings with a total gross leasable area of 33.7 million square feet and a stabilized occupancy rate of 96.7%.
Vesta Real Estate was founded in 1998 and booked $186 million in revenue for the 12 months ended March 31, 2023. It plans to list on the NYSE under the symbol VTMX. Citi, BofA Securities, Barclays, Morgan Stanley, and Scotia Capital are the joint bookrunners on the deal. It is expected to price during the week of June 26, 2023.
