MANILA, Philippines - SSI Group Inc., the largest specialty retailer in the Philippines, is raising more than P12 billion through an initial public offering (IPO) in the local bourse.
The specialty retail arm of the Rustan’s Group of Companies will expand its international brand portfolio and fasttrack the rollout of convenience and department stores nationwide, a top company executive said.
The Tantoco family’s SSI filed yesterday registration papers seeking the approval of the Securities and Exchange Commission for an IPO.
It plans to sell 864.23 million primary and secondary shares, with an over-allotment option of up to 129.63 million shares, at P12.50 apiece. Hence, SSI might raise as much as P12.42 billion from the public share sale.
Based on the prospectus, SSI will peg the final price of the IPO shares on Oct. 21. Offer period will run from Oct. 23 to 29, which will be followed by its listing on Nov. 5.
“We expect to use the proceeds of the planned IPO to expand our international brand portfolio and our retail presence throughout the country; and support the rapid pace of expansion of our FamilyMart store network and Wellworth department stores,” said SSI president Anton Huang.
SSI, which includes Stores Specialists Inc., retails 103 international brands including Hermès, Prada, Gucci, Burberry, 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.
It is also into the development, management and operations of convenience stores through the FamilyMart chain, a joint venture with Ayala Land Inc. (ALI), Japan FamilyMart and Itochu Corp. It recently opened the first Wellworth Department Store, a mid-market department store also in partnership with ALI.