Grupo Mexico has postponed its plans to launch an initial public offering of its rail unit ITM by the end of June, according to a source close to the deal, miningweekly.com reports.The reasons for the delay were not explained. A company’s official said it was still not defined when the offer would take place.
The group expected to raise USD 1.3 billion from the IPO. Grupo Mexico plans to use the money for the expansion of its rail network and investment in upgrading its locomotives and rail cars.
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