(Reuters) -Discount retailer BBB Foods is targeting a valuation of up to $1.85 billion as it prepares for its initial public offering (IPO) in New York, the company said on Friday.
The company plans to sell 28.1 million shares, priced between $14.50 and $16.50 each, and raise up to $463 million at the top end, as per a filing with the U.S.
Securities and Exchange Commission.
The U.S. IPO market is looking to rebound from an arid two-year spell when economic uncertainty and high interest rates dried up investors’ appetite for new listings.
However, the tepid response to recent IPOs, including healthcare firm BrightSpring BTSG.O and Morgan Stanley Direct Lending Fund MSDL.N, indicates investors remain cautious.
Mexico-based BBB Foods, which operates a “hard discount” retail store chain in the country, plans to list its shares on the New York Stock Exchange (NYSE) under the symbol “TBBB.
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JPMorgan, Morgan Stanley, and BofA Securities are the lead underwriters for the IPO.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Tasim Zahid)
