Tiendas 3B’s IPO
February 15, 2024
February 15, 2024
Cleary Gottlieb represented JP Morgan, Morgan Stanley, BofA Securities, Scotiabank, and UBS, as underwriters, in the $633 million initial public offering of BBB Foods Inc.
The initial public offering involved the offer and sale of 38.71 million Class A common shares, with BBB Foods Inc. offering and selling 28.05 million Class A common shares and the selling shareholders offering and selling 10.66 million Class A common shares, including 5.05 million additional Class A common shares part of the underwriters’ over-allotment option.
This transaction marks a significant milestone as it is the first IPO by a Mexico-based company since 2017 and, notably, the first SEC-registered IPO by a Mexico-based company since 2013.
BBB Foods Inc. is a pioneer and leader of hard discount grocery retail in Mexico and one of the fastest-growing retailers in the country, measured by sales and store growth rates. The company offers a variety for products, including quality packaged foods, beverages, tobacco, personal care, house cleaning, and over-the-counter health care products, at bargain prices.