Esentia Energy Debuts on Mexican Stock Exchange

Esentia Energy Development made its public market debut on the Mexican Stock Exchange on Nov. 20, 2025, achieving an equity valuation of approximately MX$24 billion following the pricing of its IPO. The offering marks one of Mexico’s most significant listings in recent years and signals renewed investor appetite for large energy infrastructure assets.

The company, which develops, owns, and operates a fully integrated natural gas pipeline network, priced its IPO at MX$45 per share, placing 224 million shares with domestic and international investors. The stock now trades under the ticker ESENTIA. The offering included a cross-border component, with shares placed privately in the United States under Rule 144A and internationally under Regulation S.

According to Partners Group, which has managed Esentia on behalf of its clients since 2014, funds affiliated with the firm will retain about 70% of Esentia’s outstanding stock after the transaction, assuming no exercise of the over-allotment option. For Mexico’s equity market, the listing represents one of the first IPOs with global distribution since 2018. It is also the first IPO by an energy infrastructure company in Latin America since 2021 and stands as the region’s largest IPO of 2025.

Esentia’s public listing caps more than a decade of transformation overseen by Partners Group. When the firm first invested, Esentia’s operations centered on developing and constructing natural gas pipelines. Since then, it has grown into a major midstream operator with over 2,000km of interconnected infrastructure, up from 508km in 2014. The company’s aggregate transport capacity has increased more than sixfold during that period.

The pipeline network now moves roughly 16% of Mexico’s daily natural gas demand. Much of this gas enters the country through the Waha hub in Texas and is delivered by Esentia into central and industrial corridors where demand has accelerated. The system is currently the largest privately owned interconnected gas network in Mexico.

Esentia’s revenues are underpinned by long-term take-or-pay contracts of twenty to thirty-five years. Many of the contracts are denominated in dollars and include agreements with CFE, Mexico’s state-owned utility, as well as with large private industrial customers. This structure has provided the company with stable cash flows and predictable expansion planning.

The IPO proceeds will support Esentia’s next phase of growth. The company plans to expand its natural gas footprint in response to rising national demand from the power and industrial sectors. Mexico’s shift toward combined-cycle power plants, declining domestic gas production, and higher liquefied natural gas exports are reinforcing the reliance on US imports, making midstream infrastructure a central component of national energy planning.

Esentia CEO Daniel Bustos said the company’s integrated supply chain, which connects US gas basins to Mexican demand centers, positions it as a competitive supplier of reliable and low-cost natural gas. He added that the company has already secured new long-term commitments from clients, reflecting strong forward demand.

Partners Group leadership echoed this view. Ed Diffendal, Co-Head of Infrastructure Americas, called Esentia a critical part of Mexico’s energy system and highlighted the transformation from a pipeline developer to an infrastructure operator and natural gas supply solutions provider. He said the firm will continue to support Esentia as it evaluates expansion opportunities.

With US$31 billion in infrastructure assets under management, Partners Group worked with legal advisers Davis Polk & Wardwell LLP and Galicia Abogados on the listing.

Market analysts noted that Esentia’s debut may encourage other large-scale issuers to reconsider the Mexican market after several years of subdued activity. The transaction’s size, international distribution, and focus on energy infrastructure signal renewed depth for Mexico’s capital markets heading into 2026.