Mexican conglomerate Alfa has confirmed that the planned initial public offering (IPO) of its processed food business Sigma Alimentos has been cancelled.

“The stock offer was over-subscribed, but at a price that was not in line with the established price range,” Alfa said in a statement.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Monterrey-based Alfa was hoping to raise MXN18.5bn (US$1bn) in the share offering that was scheduled for Wednesday (27 September).

It is the second time an IPO for Sigma, which produces dairy products, meat and frozen food, has been aborted. A plan to sell shares in the business was first touted in 2013.

Earlier this month, Alfa announced its plans to revisit the Sigma IPO idea and said it was planning to place around 15% of its equity up for sale, pricing shares at MXN23 to 29 each.

Sigma has been in an acquisitive mood of late. In June, it bought Peruvian packaged meats and dairy company Suisse Peruana de Embutidos and earlier this month it took full control of Romanian meat processing company Caroli Foods Group.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now