MEXICO CITY — Jose Cuervo, the world’s biggest tequila producer, is planning to go public.
The company, controlled by the billionaire Beckmann family, filed for an initial public offering (IPO) on the Mexico stock exchange on Tuesday. While the filing did not say how much the company intended to raise, people with knowledge of the matter said in May the Mexico City-based tequila producer may aim at as much as $1bn.
Cuervo’s IPO has been a long time coming, with CEO Juan Domingo Beckmann signalling since at least 2006 that a stock listing was under consideration. While Mexico’s IPO market has been sluggish this year, Cuervo is seeking to break the slump with its 250-year-old brand.
A $1bn offering would make it the country’s largest since February 2014.
The company is embarking on a plan to transform the area surrounding the town of Tequila, Mexico, into a Napa Valley-like destination for tourists and aficionados of the spirit made from blue-agave plants.
Cuervo plans to use proceeds from the offering for general corporate purposes, which may include acquisitions, according to the prospectus.
JPMorgan Chase, Morgan Stanley, Banco Santander and Corporativo are leading the offering.