Business

Tiendas 3B debuts on Wall Street; seeks to raise 589 million dollars – El Sol de México

The mini-supermarket chain Tiendas 3B debuted this Friday on the Wall Street stock market and seeks to raise just over $589 million.

With a price per share of $17.50, the company founded by Anthony Hatoum started its Initial Public Offering (IPO) under the ticker symbol “TBBB” and with 33 million 660 thousand 589 shares in circulation.

All resources raised by the IPO will be for the company to settle its promissory notes and “other corporate purposes in general,” according to a document filed with the Securities Market Commission (SEC).

With the shares listed on the New York Stock Exchange, Tiendas 3B also plans to continue its expansion strategy in Mexico with the opening of at least 12 thousand additional points of sale.

If this project comes to fruition, it would represent an increase of almost six times compared to the 2,288 branches registered in the country at the end of last year.

“We believe there is potential to open at least 12,000 additional Tiendas 3B stores in Mexico with current population levels only in urban areas,” the company stated before the SEC.

It was in 2005 when the company opened its first stores in Mexico and the following year it opened its first Distribution Center (CEDIS) in Cuautitlán, State of Mexico.

Subsequently, in 2007 it began selling its own brands, such as Vaca Blanca, Mayorela, Impek and MIlena, and in 2008 it opened its 100th store.

According to the information released by the SEC, between January and September 2023, the total income of the retail chain amounted to 31,762.8 million pesos, equivalent to an annual increase of 37.1 percent.

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