Grupo Financiero Mifel SA de CV is looking to raise up to about 8.45 billion Mexican pesos in a public offering of shares set for Oct. 18 on the Mexican stock exchange, El Financiero reported, citing a statement from the company.

Grupo Financiero Mifel is the parent of Banca Mifel SA Institución de Banca Múltiple Grupo Financiero Mifel, which was reported to be considering an IPO in 2017.

The company plans to offer 167 million series O shares in a base offering at between 35 pesos and 40 pesos each, according to the report. It will simultaneously announce an international offering in various markets in order to expand its operations and boost profitability.

The base offering will include an overallotment option for 25 million series O shares, while shareholders may place an additional 33.4 million shares in the global offering, the publication reported.

Grupo Mifel, which currently has 72 branches across Mexico, has been considering going public since 2014, but reportedly postponed the plan due to adverse market conditions. It had a loan portfolio of around 45.23 billion pesos as of the second quarter of 2018.

As of Oct. 15, US$1 was equivalent to 18.81 Mexican pesos.