Globcash postpones its Biva debut until 2023

The Initial Public Offering (IPO) of shares of the pawnshop Globcash has now been postponed to 2023, after having estimated its debut in September pending better conditions in the stock market.

According to the offer documents, the company again changed the date for the sale of its shares in the Institutional Stock Exchange (BIVA), indicating only that it would be until 2023.

It is the only adjustment to the document, since its objective of raising between 1,000 and 1,150 million pesos is still standing. It plans to place between 100 and 115 million titles in If so in a price range of 10 and 11.50 pesos for each share.

The reasons for the rescheduling are purely circumstantial. The market has registered extreme levels of volatility in the second quarter, and investors and those involved in the operation decided that it was prudent to wait,” a Globcash spokesperson explained a few months ago.

The company initially planned to go public in February, however, since then its placement has been rescheduled on two other occasions. Last May 27 had been a new scheduled date, then July 28 and finally postponed to September 13.

The company founded in 1985, operates under the brand Mazatlan House 194 pawn shops in Mexico, in the states of Sonora, Sinaloa, Durango, San Luis Potosí, Veracruz, Baja California Sur, Nayarit, Michoacán, Oaxaca, Tabasco, Yucatán, Quintana Roo, Campeche and Chiapas.

It also has a presence in Guatemala where it operates 22 locations, it will now seek to expand in the southern United States, starting in Arizona and Texas.

This November marks the fifth anniversary of a “drought” in the stock placement market in the Mexico Stock Exchanges. Only one company has been listed.

On the contrary, in this period there has been a greater number of companies that have requested authorization to delist their shares or to leave the Stock Exchange and return to being private companies.

Names such as Grupo Lala, Elementia and Fortaleza Materials, Maxcom, Rassini, Aeroméxico, Monex, Bachoco and Santander are on the list.

Last week, this last company in the financial sector resumed its plans to withdraw from the Mexican stock exchange (BMV), would be its third attempt to acquire all the shares (3.76% of its capital stock) that are still in circulation or in the hands of the general investing public.

Bachoco Group launched its Public Offer of Acquisition (OPA) of shares last Thursday, October 6 to delist from the stock market. The operation will end this Friday, November 4.

The operation was carried out in the midst of opposition from a group of investors, who hold a 16.2% stake, because they consider that the payment per share offered of 81.66 pesos is well below the “fair value” that they have evaluated.

Investors, including Tweedy, Browne Compnay, Afore Sura, GBM, HSBC, Citibanamex, Sprott Asset Management and Vangard Group, have estimated that the payout per share of the takeover bid should be 140, around 71.45% less than expected. offered.

kg