PSE OKs Medilines’ P2 billion IPO
MANILA, Philippines – The Philippine Stock Exchange (PSE) has approved the initial public offering (IPO) of as much as P2 billion to be launched by medical equipment distributor Medilines Distributors Inc. this November.
Medilines, which is positioning itself as a healthcare pure play, is offering up to 550 million primary shares and up to 275 million secondary shares at a maximum offer price of P2.45 per share.
The IPO price will be finalized on Nov. 16 ahead of the public offering that will run from Nov. 22 to 26. Tentative listing on the main board of the PSE on Dec. 7 under the ticker “MEDIC.”
Medilines is led by businessman Virgilio Villar, a brother of billionaire Manuel Villar Jr.
Proceeds from the offer will be used to finance Medilines’ working capital in relation to the procurement of existing products and the build-up of its medical consumables inventory, while the rest will be used to repay debt.
Founded in 2002, Medilines distributes medical equipment to both public and private healthcare facilities in the Philippines.
Its portfolio caters to specialized medicine, including diagnostic imaging, dialysis and cancer therapy, carrying global brands such as Siemens (Germany) for diagnostic imaging products, B. Braun (Germany) for dialysis machines, and Varian (USA) for cancer therapy devices.
Medilines mandated PNB Capital and Investment Corp. as sole issue manager, lead underwriter, and sole bookrunner for the offer.
