SSI sets IPO price at P7.50

MANILA, Philippines - Tantoco-owned specialty retailer SSI Group Inc. has pegged the offer price for its maiden share sale at P7.50 apiece.

The final price has been set following a roadshow in Manila, Singapore, Hong Kong and London.

With the price now set for its initial public offering (IPO), SSI would be able to raise as much as P7.45 billion from the share sale.

Its underwriters said the IPO, which generated strong demand, has been five to 10 times oversubscribed.

SSI’s offer period will run from Oct. 27 to 31, with listing on the Philippine Stock Exchange set on Nov. 7.

The specialty retailer intends to sell 864.23 million primary and secondary shares, with an over-allotment option of up to 129.63 million shares.

Proceeds from the IPO are being eyed to fund its business expansion as well as cut down debt.

The company will be the fourth company to list in the local bourse this year following Top Frontier Investment Holdings Inc., which listed by way of introduction in January this year, and DoubleDragon Properties Corp. and Century Pacific Food Inc. which debuted in April and May, respectively.

SSI is the leading specialty store retailer in the Philippines, selling 103 international brands in 655 specialty stores across 68 major malls in the country to date.

Starting next month, the firm will be venturing into e-commerce to further boost product accessibility to its customers.