Monday, October 23, 2017
Close  
business /

PSE oks Pilipinas Shell’s P30B IPO

business /
  • share this

PSE oks Pilipinas Shell’s P30B IPO

/ 05:30 PM September 29, 2016

THE PHILIPPINE Stock Exchange has approved a plan by the local unit of century-old Royal Dutch Shell to sell as much as P29.7 billion worth of shares via an initial public offering in October.

The initial public offering of Pilipinas Shell Petroleum Corp. will run from Oct. 19 to 25 this year after the price setting on Oct. 13, based on an offering memorandum issued by the PSE on Thursday.

The company seeks to offer up to 330 million primary and secondary shares to the public for as much as P90 per share.

ADVERTISEMENT

Listing on the PSE’s main board under the ticker “SHLPH” is scheduled on Nov. 3.

If the company is able to issue the maximum amount of shares at the maximum price, it will be the biggest stock market debut seen in the history of the Philippine Stock Exchange. The three largest IPOs so far in this market were completed by the following issuers: retailer Robinsons Retail Holdings Inc. (P28.11 billion in 2013), Sy family-led conglomerate SM Investments Corp. (P26.25 billion in 2005) and Cemex Holdings Philippines Inc. (P25.1B in 2016).

Of the total offering, Pilipinas Shell plans to offer up to 270 million secondary shares and 30 million in primary shares while 30 million shares are set as overallotment.

This stock debut will bring 18.6 percent of the company’s post-IPO shares to public hands. At the maximum IPO price, the company will have a market capitalization of P151.52 billion.

BPI Capital Corp. is mandated as the lead underwriter for this transaction while JP Morgan Securities Plc is the global coordinator and international bookrunner.

Local small investors will be allowed to subscribe to as much as P100,000 worth of IPO shares.

ADVERTISEMENT

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: IPO, Pilipinas Shell, PSE, Shell
For feedback, complaints, or inquiries, contact us.




© Copyright 1997-2016 INQUIRER.net | All Rights Reserved