The Keepers lowers price range of FOO

MANILA, Philippines — The Keepers Holdings Inc., the Lucio Co-owned listed wine and spirits distribution company, has lowered the price range for its follow-on offering to P1.50 to P2 per share from the previous P2 to P2.50 per share.

The FOO comprises three billion shares.  The company is expected to raise between P4.5 billion and P6 billion from the offering.

“The new offer price range will allow both institutional and retail investors to experience the potential future value of The Keepers Holdings as it transitions from a company without any operations or real resources to a holding company with three highly profitable operating subsidiaries,” said The Keepers president Jose Paulino Santamarina.

The Keepers owns Montosco Inc., Meritus Prime Distributions Inc. and Premier Wine and Spirits Inc. These companies distribute international brands such as Alfonso, Johnnie Walker, Chivas Regal, Glenfiddich, Jose Cuervo, Jim Beam, Martell, Absolut, Red Bull and Jinro.

Santamarina said the companies are well-positioned for further growth and expansion.

Proceeds from the FOO will finance strategic acquisition opportunities, expansion of product portfolio and distribution channels, investments in distribution and logistics network, and working capital.

According to a report from the IWSR Drinks Market Analysis Ltd., the global provider of data and intelligence on the alcoholic beverage market, the three companies combined hold the position as the largest distributor of imported spirits in the Philippines in 2020.

The offer period will run from Nov. 4 to 10, with the listing of the shares at the main board of the Philippine Stock Exchange (PSE) slated on Nov. 19.

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