Simpson Thacher represented BBB Foods Inc. (“Tiendas 3B”) in connection with its initial public offering of Class A common shares at a price to the public of $17.50 per share. A total of 38,709,677 Class A common shares were sold in the offering. 28,050,491 Class A common shares were issued and sold by Tiendas 3B and 10,659,186 Class A common shares were sold by selling shareholders, including the full exercise by the underwriters of their option to purchase up to 5,049,088 additional Class A common shares from the selling shareholders. The offering raised approximately $672 million in gross proceeds for the company and the selling shareholders. The Class A common shares began trading on The New York Stock Exchange under the ticker symbol “TBBB” on February 9, 2024.
J.P. Morgan, Morgan Stanley, BofA Securities, Scotiabank and UBS Investment Bank acted as underwriters for the offering.
Tiendas 3B is a hard discount grocery retailer with over 2,200 stores across 15 states in the central region of Mexico, focused on offering irresistible value to budget savvy consumers through great quality products at bargain prices.
The Simpson Thacher team included S. Todd Crider, Kirsten L. Davis, Marcelo B. Lorenzen, Enrique Güijosa and Isaac Cattan (Latin America - Capital Markets); Jonathan E. Cantor and Lina Pan (Tax); Jamin R. Koslowe and Laura R. Gallo (Executive Compensation and Employee Benefits); Steven DeLott (Insurance); and Jennifer Nadborny and Bettina Elstroth (Public Company Advisory Practice).