Vesta sets price to finance its growth

Mexican industrial real estate firm Vesta has set the price for a subsequent initial public offering of common stock and American Depositary Shares (ADS) as part of a global offering aimed at financing its growth strategy, the company announced.

The firm will place 1.2 million ADS at US$34.62 per share in the United States, and 58.06 million ADS at 59.5 pesos—equivalent to US$3.43—per share in Mexico. International subscribers will have a 30-day option to purchase up to 10.51 million additional shares, including those represented by ADS.

The transaction comes at a time when industrial assets in Mexico are on the rise, driven by the relocation of supply chains to North America. Vesta stated that it intends to use the net proceeds from the offering to finance its growth strategy.

As of the end of March, Vesta listed 231 properties in Mexico’s commercial and logistics corridors on the New York Stock Exchange and the Mexican Stock Exchange (BMV), with 4 million square meters of leasable area.