Lucio Co firm launches re-initial IPO

MANILA, Philippines—The Keepers Holdings Inc., led by retail magnate Lucio Co, launched on Thursday (Nov. 4) its P4.5 billion re-initial public offering, pitching to investors a stake in the country’s largest distributor of imported spirits.

The Securities and Exchange Commission allowed local small investors (LSIs) participating in the follow-on offering to subscribe to much as P1 million worth of shares.

This is 10 times the usual maximum LSI allotment of P100,000 per investor.

Keepers is offering three billion primary common shares at a price of P1.50 per share from Nov. 4 until Nov. 10.

Tentative listing date on the main board of the Philippine Stock Exchange under the trading symbol “KEEPR” is Nov. 19.

After the re-IPO, Keepers will have a public float of 20.94 percent and a market capitalization of about P21.76 billion.

China Bank Capital Corp., PNB Capital, and SB Capital Investment Corp. are the joint issue managers, joint lead underwriters, and joint bookrunners for the offering.

Keepers is the largest distributor of imported spirits in the Philippines holding a 74 percent market share in terms of volume through three operating units: Montosco Inc., Meritus Prime Distributions Inc. and Premier Wine and Spirits Inc. Its portfolio includes brands like Alfonso, Johnnie Walker, Chivas Regal, Glenfiddich, Jose Cuervo, Jim Beam, Martell, Absolut, Red Bull, and Jinro.

TSB