MANILA, Philippines - The Securities and Exchange Commission (SEC) has approved the initial public offerings of the Gaisano family’s Metro Retail Stores Group and construction giant Datem Inc.
Based on separate registration statements filed with the SEC, Metro Retail Stores Group intends to raise up to P6.17 billion through an IPO targeted on Nov. 12. The offering involves up to 920 million common shares to be sold at P6.10 apiece.
The company has set aside 92 million shares for the greenshoe option in case of strong demand from investors.
Majority of the proceeds will be used to fund Metro Retail’s capital expenditures which include the construction of new stores and a consolidated logistics and distribution center in Cebu.
For 2016, Metro Retail plans to open at least seven stores. It has secured 10 sites for its planned expansion for next year 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. In addition, there are 30 new sites under evaluation, located both in the Visayas and Luzon region,” Metro Retail said.
BPI Capital Corp. and Deutsche Bank AG have been tapped as joint global coordinators and lead underwriters for Metro Retail’s IPO.
On the other hand, Datem is issuing up to 329,046 million shares at P14.15 each to raise about P4.7 billion.
BPI Capital Corp. and First Metro Investment Corp. will serve as joint issue coordinators.
About P1.08 billion of the total proceeds would be used for Datem’s capital expenditures and landbanking activities.
The target offer period for Datem’s IPO is from Nov. 16 to 24 while the listing is expected to start end-November.