Jose Cuervo, the world’s biggest tequila producer, is seeking to raise as much as $1 billion in an initial public offering planned for the third quarter of this year, according to people with knowledge of the matter.

The company is working with units of Morgan Stanley, JPMorgan Chase & Co. and Banco Santander SA, two people said, asking not to be identified discussing private information. Corporativo GBM SAB is also involved, one of the people said.

Representatives for JPMorgan, Morgan Stanley and Santander declined to comment. GBM didn’t respond to a request for comment, nor did Cuervo, which is controlled by the billionaire Beckmann family and based in Mexico City.

Plans have firmed up since Bloomberg reported in March that the company had approached banks. The offering will be mostly new equity capital, but it could have a secondary component, meaning existing owners could sell part of their stakes, according to one person. The deal size could end up being as little as $500 million, the person said, adding that the details of the sale haven’t been finalized as the company weighs how to use the proceeds.

Mexico’s IPO market has been dormant for the better part of the year, but Cuervo’s 250-year-old brand may have the reputation to break the slump. The spirits maker’s net revenue rose 28 percent in 2015 to 14.4 billion pesos ($782 million) after the purchase of the Bushmills whiskey brand from London-based conglomerate Diageo Plc.

Chief Executive Officer Juan Domingo Beckmann talked about a potential IPO for at least a decade, but plans had never come this far.