Mexican water cistern company Rotoplas plans IPO
MEXICO CITY Nov 14 (Reuters) - Rotoplas, a Mexican manufacturer of water cisterns, on Friday published a preliminary prospectus for its first stock offering on Mexico's stock exchange.
Rotoplas, which operates in 12 countries in the Americas including the United States, could sell up to 144.2 million shares according to the prospectus, which did not indicate price or the timing of the offering's launch.
The company, which also runs water treatment plants and sells domestic water filters, said it plans to use the stock offering to finance an expansion in the United States, Mexico and Brazil, possibly through acquisitions.
Rotoplas reported sales of 5.412 billion Mexican pesos ($400.30 million) and a net profit of 436.5 million pesos in 2013.
Executives from the company did not immediately respond to questions about the offering.
Carlos Rojas and his son currently own 51 percent of the company, while Mexican brokerage GBM operates a trust that holds 40 percent, according to the offering document. The balance is held by minority shareholders.
The Rojas family expects to hold about 36 percent after the listing. (1 US dollar = 13.5200 Mexican peso) (Reporting by Elinor Comlay, additional reporting by Noe Torres)
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