SEC okays retailer SSI Group’s IPO worth P6.5 billion | Inquirer Business

SEC okays retailer SSI Group’s IPO worth P6.5 billion

/ 02:52 PM October 13, 2014

MANILA, Philippines — Upscale retailer SSI Group Inc. has obtained approval from the Securities and Exchange Commission to pursue a stock market debut worth as much as P6.5 billion.

In a press statement on Monday, SSI said it would sell 864.2 million shares in common shares at a maximum price of P7.50 each. The offer price was cut from an earlier price ceiling of P12.50 per share.


“The maximum price of P7.50 has been set, following the strong demand received from institutional investors during the cornerstone process, and values the Company at an attractive price-to-earnings multiple reflective of SSI Group, Inc.’s market leading position in the speciality retail industry,” SSI president Anton Huang said.

There will also be an oversubscription option of 129.63 million shares, which could raise the IPO (initial public offering) size to P7.45 billion.


With the SEC’s release of its “pre-approval,” SSI Group said it would embark on a domestic and international roadshow. The retail offer period will start following the domestic and international roadshow, with the IPO scheduled in November.

The SSI Group also noted “strong interest” in the proposed IPO, with the company already securing cornerstone commitments for 34 percent of the offering from institutional investors that include Bank of the Philippine Islands Asset Management and Trust Group, Government Service Insurance System, Havenport Asset Management Pte Ltd, Macquarie Asia New Stars Fund, MLIS – York Asian Event-Driven Ucits Fund, and York Asian Opportunities Investment Master Fund.

Of the total base offer, about 80 percent will consist of primary shares to be issued by the company and 20 percent will consist of secondary shares from existing shareholders.

SSI Group, Inc. is the country’s leading specialty store retailer operating 103 international brands as of the end of June, including Hermès, PRADA, Gucci, Salvatore Ferragamo, Lacoste, Michael Kors, Kate Spade, GAP, Old Navy, Zara, Stradivarius, Bershka, Aeropostale, Samsonite, Nine West, Payless Shoe Source, Beauty Bar, Marks and Spencer, Pottery Barn and TWG, among others.

The company is also developing, managing and operating the FamilyMart convenience stores chain through a joint venture with Ayala Land Inc., as well as Japan’s FamilyMart Co. Ltd. and Itochu Corporation of Japan. The company has recently opened Wellworth Department Store, a mid-market department store, likewise under a joint venture with ALI.


New retail destination opens in BGC

FamilyMart to open franchising by end of 2014 to spur expansion

Read Next
Don't miss out on the latest news and information.

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: Business, initial public offering, Securities and Exchange Commission, SSI Group Inc., Stock Market
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2021 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.