SSI Group prices IPO at ‘upper end’ P7.50 per share
MANILA, Philippines — High-end retailer SSI Group, in a play on increasing consumer affluence in the country, has priced its initial public offering at P7.50 per share or right at the upper end of the indicative range.
SCREENGRAB from ssigroup.com.ph
The IPO price is equivalent to about 20.2 times of what SSI is expected to earn per share in 2015.
In a disclosure to the Philippine Stock Exchange on Thursday, SSI announced the IPO pricing of P7.50. The earlier indicative range was P7 to P7.50 per share.
Based on the final pricing and the offering of 864.2 million common shares, SSI’s IPO size is around P6.5 billion, which may be upsized to P7.45 billion in case of strong demand. There is an oversubscription option of 129.63 million shares.
SSI was able to price its maiden offering at the upper end of the range after securing cornerstone commitments for 34 percent of the offer shares from institutional investors such as 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.
The IPO will run from Oct. 27 to 31 while inaugural trading on the Philippine Stock Exchange will be on Nov. 7.
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