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Mexican miner and infrastructure giant Grupo Mexico does not expect to launch the postponed initial public offering (IPO) of its railway unit within the next few months, a senior company executive said on Wednesday.
Earlier this year, Grupo Mexico decided to push back a listing of its ITM rail unit, which has taken on a more prominent role in the company's portfolio on the back of low metals prices and a booming Mexican autos export market. The initial public offering was set to raise over US$1 billion.
On Tuesday, Grupo Mexico said its third-quarter net profit fell nearly 40 percent compared with the year-earlier period, hit by a drop in sales.
