ferromex ITM rail unitGrupo Mexico, a mining, transportation and infrastructure company repeated its intentions to to take its rail unit, ITM, public via an initial public offering (IPO) as soon as market conditions allow.

“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, said on a conference call earlier today.

The company expects to raise $1.3 billion with the offering. Grupo Mexico plans to invest $3.5 billion in its rail business over the next four years, executives said on the call.