More good news! The IPO market is reviving.
Citigroup has cancelled the $7 billion sale of its Mexican consumer unit known as Banamex and plans to launch an IPO instead. The IPO is expected to be completed in 2025, the company said. Citi is considering a dual listing of the stock, possibly in Mexico City and New York.
Well, there are not many new IPOs yet, or I don't hear about it anywhere. It might be getting going, I'd like to see new companies.
On the one hand, good that there will be another IPO, but it's a bit of a blow for City. The sale process, which was abandoned at a time of growing political uncertainty, is a blow to Citigroup, which has struggled to streamline its operations. That's why we're seeing the C share price fall today.