Real-estate investment trust Fibra Next raised about $431 million in its initial public offering on the Bolsa Mexicana de Valores, ending a seven-year drought for sizeable listings in the local market. The shares were priced at MXN 100 each, giving the vehicle—spun off from industrial assets owned by Fibra UNO—a market debut that ranks as Mexico’s largest IPO since 2018. Fibra Next’s initial portfolio comprises nine logistics and warehouse facilities totaling roughly 754,000 square meters across five Mexican states, according to its prospectus. Management said the proceeds will be used to bolster the asset base and pursue further acquisitions as nearshoring keeps demand for industrial space elevated.