Mexican industrial real estate trust Fibra Next is unlikely to carry out its highly anticipated initial public offering until early next year, according to people familiar with the process.

The trust, which this week delayed its plans to go public in Mexico, still lacks needed paperwork from the tax authority and stocks regulator, said the people, who asked for anonymity as the timing has not been made public.

A representative for the company declined to comment. A regulatory filing made public on Friday showed Fibra Next was still seeking regulatory approval as it was in the middle of pricing the IPO on Wednesday.

A carve out of parent Fibra Uno Administracion SA, Latin America’s biggest real estate investment trust, Fibra Next pulled its IPO later that day. While it has pledged to go forward with the process, the lack of regulatory approvals adds a hurdle to what was set to be Mexico’s biggest IPO since 2018.

While the company was still seeking for the deal to get done this month, obtaining the approvals may take weeks, according to the people. That would almost certainly delay it until the first half of 2024.

Read More: Mexico’s Fibra Next to Delay IPO Amid Missing Tax Papers

Mexico’s tax authority didn’t respond to a request for comment.

Fibra Next said in a filing late on Tuesday that the tax benefits of being a real estate investment trust (REIT) would not apply until it receives officials’ approval. The lack of paperwork sparked unease among investors and prevented the country’s pension funds from participating in the deal.

It had seen strong demand from investors as it was building the book on Tuesday as it sought to sell about 278 million shares at 54 pesos each and raise about $870 million, or as much as $1.2 billion with additional options. After calling off the IPO, the company said it would return to market once it got approval from tax authorities.

Shares of Fibra Uno have risen about 3.6% since the deal was called off.

Fibra Next, which is composed of 81 million square feet of warehouses and factories focused around Mexico City, is seeking to capitalize on investor interest in “nearshoring” — the trend where manufacturers are moving to Mexico to be closer to the US market.

Mexican companies with a link to nearshoring that have been raising cash since the middle of last year include logistics and industrial property-focused Prologis Property Mexico SA and trucking company Grupo Traxion SAB.