Carlos Slim closed the week with a successful $950m IPO of his Sanborns retail and restaurant chain whose tastes reflect the quintessence of the growing Mexican middle class.
Priced at 28 pesos a share, Sanborns see-sawed a little before hitting 28.31 in late trading on Friday. Continue reading »
Iconic photographs of Emiliano Zapata’s rough-hewn peasant army at the beginning of last century showed the blue-tiled colonial mansion of the Sanborns restaurant and retail store that is one of the best known buildings in the heart of Mexico City.
The rebels were entering what then was the inner sanctum of a minuscule middle class. Nowadays, though no longer a sanctum, Sanborns remains a symbol of middle-class lifestyle that Carlos Slim, the world’s wealthiest tycoon, has expanded into a chain of more than 400 establishments, many of them beacons of well-being in areas that once were on the very wrong side of the tracks.
This week, Slim has decided to return the chain back to the stock market from which he withdrew it six years ago. Continue reading »