(Latin Finance) Hoteles City is preparing to become the latest PE-backed Mexican company to IPO. The operator of hotel chains including City Suites and City Express is planning a sale of primary and secondary shares in the US and international markets, according to a prospectus.
The documents suggest a June pricing at the soonest. Secondary share sellers include founders and company officials, as well as investors including Wamex the IFC and the IDB. Proceeds from the primary portion will be used for expansion. Founded in 2003, City claims to have grown at an average of 34% per year since, reaching 71 hotels throughout Mexico at the end of last year, to make it Mexico’s third-largest operator. It booked MXP932m ($75m) revenue in 2012, up from MXP715m in 2011. Latin Finance.