Based on the World Federation of Exchanges (WFE) registry , which visualizes stock markets around the world, it was identified that while in Brazil 375 issuers participate on the trading floor, in Chile 371 and in Peru 197, in Mexico only 131 listed companies are counted .
As a reference for even more mature markets, in the United States the Nasdaq has 3,357 issuers, while the NYSE index has 2,187.
The maturity of the capital markets is reflected in the representation of some sectors. While in the United States there are more than 10 issuers related to freight transportation and in Brazil there are five, in Mexico, it wasn’t until 2017 that the first stock representing this sector was listed on the Mexican Stock Exchange (BMV) : TRAXION ( number 5 in the Top 100 of Trucking® ).
On September 14, Pantera Holdings, headed by TRAXION’s current CEO, Aby Lijtszain Chernizky, expressed interest in making a voluntary public acquisition offer (OPA) for up to 100% of the shares representing the outstanding share capital .
In the study presented to T21 by the Stock Market Analysis Area of VALMEX Casa de Bolsa , the filing of a tender offer (OPA) can have different objectives. “Some seek to take control of a company; others seek to increase shareholding, reorganize the ownership structure, or provide a liquidity alternative for shareholders.”
Based on information filed with the Mexican Stock Exchange (BMV), Pantera Holdings is seeking to acquire up to 100% of the outstanding shares at a price of 13.18 pesos per share. “According to the statement issued by the company on September 23, 2026, the offer is not intended to cancel the registration of the shares with the National Securities Registry or their listing on the Mexican Stock Exchange. Therefore, at least with the information currently available, it should not be interpreted as a process to delist the company,” stated the Stock Market Analysis Area of VALMEX Casa de Bolsa.
The analysis pointed out that, although TRAXION managed to consolidate its position in the country’s transport and logistics market , even carrying out a subsequent share offering to support its growth plans in 2023, its stock market performance was less favorable .
“Since its IPO in 2017, the stock has accumulated a return of approximately -24.5%, while so far in 2016 it has registered a decline of nearly 15%. This reflects that the market not only evaluates a company’s growth, but also its ability to generate profitability, maintain healthy margins, and offer attractive future prospects. In that sense, it can be said that the company continued to grow operationally, while the market maintained a more cautious view regarding its valuation,” VALMEX shared.
When questioning how the stock’s behavior differs from the industry’s performance, the Analysis Area highlighted that investors began to focus more on the evolution of profitability than on revenue growth alone.
“During the second quarter of 2026, the company reported revenue growth of +36.2%, driven primarily by the integration of Solistica. However, EBITDA increased by only 1.1%, the EBITDA margin decreased from 17.5% in Q2 2025 to 13.0% in Q2 2026, and net income fell by -50.8 percent ,” it stated.
TRAXION shared the challenges they face due to the complex macroeconomic and geopolitical environment, characterized by higher fuel costs, lower demand in some economic sectors, and impacts on exporting clients resulting from the strength of the peso.
When VALMEX was asked to explain the reasoning behind the share price, reference was made to the market context, “one possible explanation is that the market recognized the company’s growth, but at the same time showed concern about the pressure on margins and the ability to transform that growth into higher profits going forward.”
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