MANILA, Philippines - The Gaisano family’s Metro Retail Stores Group is targeting to debut at the local bourse on Nov. 24 after getting the nod of the Philippine Stock Exchange (PSE) for its initial public offering.
Based on documents filed with the PSE, Metro Retail’s offer period will be from Nov. 9 to 13.
The offering involves up to 1.012 billion common shares priced at P6.10 each to raise a maximum P6.17 billion.
The company is allocating up to 644 million shares or 70 percent of the firm shares for institutional investors and up to 276 million shares or 30 percent for retail investors.
Metro Retail said majority of the proceeds would be used to fund capital expenditures which include the construction of new stores and the establishment of a consolidated logistics and distribution center in Cebu as well as for working capital requirements.
The company plans to open at least seven stores next year. It has secured 10 sites for stores that are expected to open between 2016 and 2017.
“There are two stores planned in Central Visayas, one store in Eastern Visayas, five stores in Western Visayas and two stores in Metro Manila,” Metro Retail said.
Apart from this, there are 30 other sites under evaluation. These are located both in the Visayas and Luzon region.
About 70.6 pecent of the shares held by Vicsal are subject to a 180-day lock-up period.
BPI Capital Corp. and Deutsche Bank AG were tapped as joint global coordinators and lead underwriters for the IPO.