Mexico's GICSA aims to raise up to 9.45 bln pesos in June IPO
MEXICO CITY May 19 (Reuters) - Mexican real estate company Grupo GICSA said on Tuesday it plans an initial public offering early next month, aiming to raise up to 9.45 billion pesos ($622 million).
GICSA, which builds and operates high-end residential developments, shopping centers and offices, will sell shares both in Mexico and abroad.
The June 3 IPO will offer up to 497 million shares at between 17 to 21 pesos each.
Funds raised from the offering will be used for general working capital and for building and developing 14 new projects, as well as to pay down debt, the company added.
GICSA had revenue of 3.5 billion pesos last year, a net profit of 1.3 billion pesos and total debt of 20.5 billion pesos ($1 = 15.1915 Mexican pesos) (Reporting by Max de Haldevang; Editing by Dan Grebler)
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