January 20, 2014 / 5:31 PM / in 4 years

Mexico's Office Depot to raise up to $374 million in IPO

MEXICO CITY, Jan 20 (Reuters) - Mexico’s Grupo Gigante expects to raise up to 4.954 billion pesos ($374.14 million) in its initial public offering of Office Depot de Mexico shares, according to local filings.

The company, which said earlier this month it would take the Mexican unit of Office Depot public, plans to sell up to 291 million shares, including an over-allotment option, at a price between 16 pesos and 18 pesos per share, the documents said.

The listing is provisionally set to price on Feb. 5, according to documents filed with Mexico’s stock exchange.

Grupo Gigante, which also operates restaurants, in June acquired the 50 percent stake in the office supplies chain that it did not already own.

Mexico’s stock exchange saw a record number of initial public offerings last year.

Office Depot de Mexico was the first company to announce listing plans this year. Last week, low-cost airline VivaAerobus said it also plans to go public this year.

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