Grupo Mexico eyes rail unit IPO as soon as market allows

MEXICO CITY, April 29 (Reuters) - Mexican mining, transport and infrastructure company Grupo Mexico plans to launch the initial public offering of its ITM rail unit as soon as market conditions allow, the company said on Wednesday.

"On the IPO, we continue to plan on placing the IPO as soon as possible, and as soon as we're ready and market conditions are appropriate," Rogelio Velez, chief executive officer of Ferromex, the main railroad of ITM, told a conference call.

At the end of the last quarter, the company said it hoped to list the ITM rail unit by the first half of this year. The company expects to raise $1.3 billion with the offering.

(Reporting by Gabriel Stargardter)