MONTERREY, Nov 9 (Reuters) - Mexican real estate firm Cadu on Monday said it could raise at least 2.875 billion Mexican pesos ($171 million) in an initial public offering as it seeks fresh resources to boost growth and pay debt.
The firm said it plans to offer up to 110.5 million shares priced between 21.50 and 23.50 pesos a share on the local bourse as well as the Latin American Integrated Market, or MILA. The price is to be fixed on Nov. 24.
In its preliminary prospectus, the firm said certain shareholders will also sell up to 23.2 million shares at the same price in a secondary offering.
Cadu, which will have the fifth IPO on the Mexican bourse so far this year, had sales of 3.19 billion pesos in 2014. It plans to use 300 million pesos from IPO proceeds to pay down debt and use the rest for working capital, purchase of land, and any costs of the issue.
$1 = 16.7809 Mexican pesos Reporting by Gabriela López in Monterrey, writing by Anna Yukhananov in Mexico City; Editing by Chris Reese