Jose Cuervo, a Mexican tequila producer, has filed an initial public offering (IPO) document in a move that could see it raise between $500m and $1bn.

Its stock sale will be handled by Morgan Stanley, JP Morgan Chase & Co, Banco Santander (SAN.MC), and GBM Grupo Bursatil Mexicano, reported Reuters.

The firm was started by Jose Antonio de Cuervo in the late 1700s, before the country's independence from Spain. It is claimed to be North America's oldest spirit producing company.

"The proceeds raised through the IPO will be used for general corporate purposes, including acquisitions."

Jose Cuervo is controlled by the Beckmann family, descendants of Jose Antonio de Cuervo.

It intends to use the proceeds raised through the IPO for general corporate purposes, including acquisitions.

The company is a premier tequila brand in North America and has approximately a one-third share in the global tequila market.

In 2012, Diageo had plans to acquire Jose Cuervo, when the value of the Mexican firm was estimated to be around $3bn.

Three years later, Diageo exchanged its whiskey brand Bushmills Irish for Cuervo's 50% interest in the Don Julio tequila joint venture.