The company Fibra Uno (Funo) will postpone the evaluation of the launch of the Initial Public Offering (IPO) of Fibra Next in the capital markets until after March. This is due to the need to observe how the issue of the 25% tariffs imposed on products manufactured in Mexico and exported to the United States is resolved, following the agreement of both governments to postpone the measure for one month.
Gonzalo Rosina, deputy general director of FUNO, explained in a conference with the media that one of the determining factors for defining the launch date is the pause in tariffs by the U.S. government, acknowledging that this issue creates uncertainty among investors.
In Rosina's words: "Given the volatility that has occurred since President Trump's inauguration, with the current tariffs issue, this 30-day window opens, putting us at the beginning of March, and I clearly don't see a window before the second half of March."
Fibra Next will be established as an investment vehicle that could raise up to one billion dollars in its launch as an IPO, thus becoming the largest Fibra in the industrial space. This project involves the segregation of 6.2 million square meters of industrial warehouses from Funo, along with the Jupiter portfolio and its land reserves that could add more than 6.5 million additional square meters.
According to Rosina, the conditions for the launch of this IPO are linked to the interest of the international equity market in investing in Mexico, although this interest can be influenced by the uncertainty generated by tariffs, but not in a direct manner.
The Tax Administration Service (SAT) approved the criteria for the execution of the Next IPO and the creation of an Industrial Fibra vehicle on January 31, according to articles 187 and 188 of the Income Tax Law (ISR), after more than a year of waiting.
