Globcash, a company dedicated to the pledge business, reported that the Initial Public Offering (IPO), scheduled for May 27, was postponed for a few weeks.
“Given the interest generated by Globcash’s listing on the Institutional Stock Exchange (BIVA), we want to inform you that the company’s bell has been scheduled for the coming weeks,” the pawnbroker announced via email.
Previously, the company announced that it would start trading on May 30 in BIVA, at an approximate price of 11 pesos per share.
“We are ready to offer Mexican investors the shares of Globcash, convinced that this market entry will represent a before and after in the country’s stock market life,” said Roberto Arámburo, in a statement dated May 12. CEO of the pledge firm.
Sources with knowledge of the operation reported that the IPO, which will be the first to be held in Mexico after two years without an issue of shares, will be held until July 28.
Through the public offering, Globcash aims to issue between 100 million and 115 million shares (considering the over-allotment option), for which it expects the offer to amount to about 1,000 million pesos and up to 1,150 million pesos.
These resources will be allocated by the pawn shop to continue its expansion in Mexico, the United States and Central America.
For this reason, it plans to open 300 pawn shops in the Mexican Republic.
“We are planning to open 35 branches in El Salvador, for now, and we are going to put around 120 branches in Guatemala, the rest we are going to distribute in Mexico, mainly in the south of the country, in the northwest and in the area of Potosi and the Gulf. They are regions where we have focused, small cities, medium-sized cities and rural communities”, revealed Roberto Arámburo, in a previous interview.
Once the IPO is completed, Globcash will be the first pledge company to be listed on the country’s stock market.
The company has been one of the 10 main players in the Mexican pledge business for eight years, with a 2.9% market share. In addition, it operates in a pulverized business and where more than 13 million people resort to pawning as one of their main ways of financing in Mexico. Globcash emerged in 1985 and operates 216 pawn shops under the Casa Mazatlán brand in Mexico and Guatemala.