Jose Cuervo, the largest tequila producer in the world had, recently, its IPO at the Mexican Stock Exchange (BMV).
With a portfolio of over 30 brands, Jose Cuervo (BECLE) expects to reach over 17 billion pesos (over $850 million USD), having its shares starting at, roughly, 30 pesos ($1.50 USD) per share.
On a document sent to the Mexican Stock Exchange, Jose Cuervo affirms that, “The Company plans to utilize the resources accumulated with the public offer for general corporate purposes, including, but not limited to, inversions focusing on organic and inorganic growth, in order to continue its program of innovation and amplification of company’s product portfolio.”
Jose Cuervo’s shares reached over 8% of its initial offer price at the beginning of the session, then lowering its level to the 36 pesos mark.
Today, BECLE’s shares are stable at the 34.25 level, after a swift trend to the down side.