Mexican miner and infrastructure company Grupo Mexico expects to generate more than 23.5 billion pesos ($1.23 billion) in an initial public offering of its rail unit, Mexico Transportes, , according to an investor presentation.
The IPO will help to fund the purchase of Florida East Coast Railway, an asset it snapped up in March for $2.1 billion.
The company expects the shares to price at between 31.5 and 39 pesos each.
In 2016, the firm's rail unit had sales of $1.77 billion.