Fibra Next Raises $431 Million; Largest Mexico IPO in Years (1)

Mexican real estate investment trust Fibra Next raised 8 billion pesos ($431 million) through its initial public offering, the country’s biggest stock debut in seven years.

The company, a carveout of Fibra Uno Administracion SA’s industrial properties, sold shares known as CBFIs at 100 pesos each, the company confirmed. Bloomberg News reported the pricing earlier Wednesday.

Fibra Next will use the funds to develop 500,000 square meters of industrial real estate, Fibra Uno Deputy Chief Executive Officer Gonzalo Robina said at an event following the announcement. Fibra Next is looking to acquire real estate as part of its growth ...