Grupo Mexico: No sign of rail unit IPO in the coming months

Mexican miner and infrastructure giant Grupo Mexico does not expect to launch the postponed initial public offering (IPO) of its railway unit within the next few months, a senior company executive said on Wednesday.

Earlier this year, Grupo Mexico decided to push back a listing of its ITM rail unit, which has taken on a more prominent role in the company's portfolio on the back of low metals prices and a booming Mexican autos export market. The initial public offering was set to raise over US$1 billion.

On Tuesday, Grupo Mexico said its third-quarter net profit fell nearly 40 percent compared with the year-earlier period, hit by a drop in sales.