Conyers has advised BBB Foods in connection with its US$589 million initial public offering on the New York Stock Exchange. The company, which now trades under the symbol “TBBB”, raised approximately US$490 million in primary proceeds with shareholders selling an additional c. US$100 million of shares in the secondary sale.

The IPO values BBB Foods at approximately US$2.2 billion, making it the largest BVI listing in over five years. It is also the largest IPO in the USA by a Mexico-based firm since Santander listed its Mexican unit in 2012, according to data compiled by Bloomberg.

BBB Foods is one of the fastest growing retailers in Mexico and operates using a “hard discount” grocery model. In 2023, the Company averaged a new store opening every 22 hours.

Partners Anton Goldstein and Rachael Pape together with Associate Nina Goodman of Conyers’ BVI office advised on the transaction, working alongside Simpson Thacher & Bartlett LLP as US counsel and Greenberg Traurig, S.C. as Mexican counsel.

Anton Goldstein commented: “We are delighted to have supported BBB Foods on its initial public offering. The IPO market has been subdued for a number of years and this landmark transaction, being the largest BVI IPO in recent memory, is a terrific start to 2024. The transaction once again highlights the popularity of BVI companies as listing vehicles and the role they play in international capital markets. It has been an absolute pleasure to work with the founder and the management team at BBB Foods, as well as the teams at Simpson Thacher and Greenberg Traurig.”



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