Viviendas Integrales (Vinte) seeks to attract a greater number of foreign institutional investors but also individual investors with a new capital issue with a sustainable approach, based on the environmental, social and corporate governance (ESG) pillars.
Sergio Leal, president of the housing developer, explained that with the sustainable follow-on they want American, Canadian and European investors to join the company, which will also help give more liquidity to their share that is listed on the Stock Exchange Mexicana de Valores (BMV).
In an interview, the manager recalled that since they were listed on the Mexican stock market in September 2016, the price of their papers has barely risen 10.18 percent.
The low liquidity and marketability of its shares, he acknowledged, is due to the fact that it is currently practically concentrated only among the controlling partners and among institutional investors.
“There are six of us that operate and there are six of the institutional ones as well, that is why the stock has no liquidity and we expect the float (shares in circulation) to reach 53% and the partners are going to keep 47 of the 61.5% that we have today ”, He specified.
“The part that is going to be placed on the Stock Exchange is already large enough for the share to be liquid,” reiterated the president of Vinte, the company that went public in 2016, placing each of its titles at 26.32 pesos.
The next subsequent offer of capital with an ESG focus, which is planned to take place in the fourth quarter of the year, will be the first in Mexico, although in Europe this type of stock exchange is common, Leal said.
Unlike an “unlabeled” placement, he explained, an “ESG” or sustainable seal is obtained, endorsed by specialized foreign firms. In its case, Pacific Corporate Sustainability (PCS) certifies that the use of the resources obtained from the offer is in line with the Principles of Bonds Linked to Sustainability of the International Capital Market Association (ICMA, for its acronym in English) and the United Nations Sustainable Development Goals (SDGs).
Those who buy a home will be guaranteed to generate savings in water and energy costs, as they will seek to develop more EDGE homes, which is a green certification that focuses on achieving more resource-efficient constructions. The 18-year-old company has developed more than 6,000 units under this certification.
With its public offering, Vinte seeks to raise up to 100 million dollars (2,000 million pesos), of which 1,400 million pesos will be through the primary offer and the remaining 6,000 million with a secondary, although they have not yet determined the sale price of each action.