Real estate investment fund Fibra Next completes the largest IPO in recent years
Real estate investment fund Fibra Next has completed the largest IPO in Mexico for seven years. The fund raised US$431 million in investments.
Fibra Next is an independent division of Fibra Uno Administración created to manage industrial assets. As part of the IPO, the company sold shares at 100 pesos each. Fibra Next representatives intend to use the proceeds to expand their portfolio. The company intends to acquire 500,000 square metres of industrial real estate. CEO Raúl Gallegos noted that the share placement would enable the business to increase the scale of its projects. The main focus will be on developing its properties.
It is worth noting that it took Fibra Next quite a long time to become listed. Initially, the company had planned to conduct an initial public offering in 2023. At that time, the fund set a target of attracting investments totalling US$1.5 billion. However, the IPO had to be postponed due to the company’s inability to obtain timely approval from the tax authorities.
The second attempt took place in 2024, but also ended unsuccessfully: regulators requested more detailed information about the assets, which delayed the IPO. Despite obtaining all the necessary permits, the company’s management decided to postpone the IPO again due to low activity on the Mexican stock market. Experts have noted that 2024 was the worst year for this sector since 2018.
Features of the current IPO
In 2025, Fibra Next continued preparing for its listing. It opted for an additional placement of shares worth US$800 million. According to fund representative Gonzalo Robina, the additional funds will enable the implementation of a growth strategy. This would give the fund the opportunity to strengthen its position and secure investments by diversifying its portfolio.
It bears mentioning that the situation on the Mexican stock exchanges improved significantly in 2025. There was increased investor activity in the market, which increased the chances of obtaining financing. However, Fibra Next encountered several obstacles before its debut:
1. The company changed its official representative a few weeks before the procedure.
2. Altor Casa de Bolsa SA replaced CIBanco as the new representative.
3. This was due to claims against CIBanco by the US Department of the Treasury’s Financial Crimes Enforcement Network.
The success of Fibra Next’s IPO was also facilitated by Mexican stock exchanges. After a period of declining activity, they introduced a number of measures to attract significant investments. The last significant IPO in Mexico took place in 2018, when a real estate fund was listed and attracted US$1.6 billion. Meanwhile, several large Mexican companies, including BBB Foods, opted to conduct IPOs in the United States.
