Metro Retail Stores Philippines to float
Oct 13, 2015
Metro Retail Stores Philippines is to raise US$135 million in a public IPO approved for next month by the Securities and Exchange Commission (SEC) last Friday.
Metro Retail operates Gaisano stores, including Market! Market! in Bonifacio Global City. As of end-June, the company had 45 stores nationwide, including nine in Metro Manila, with a total net selling space of about 197,873 sqm.
The net amount raised, after taxes and listing costs, will be used to expand the company’s retail store network and construct a new logistics and distribution centre. The balance would be used to meet working capital requirements.
Owned by the Gaisano family, Metro Retail Stores Group plans to offer 1.012 billion shares at 6.10 pesos each. Final pricing has been scheduled for October 29 and the offer period will run from November 2 to 6. Listing at the PSE Main Board is expected on November 12.
BPI Capital Corp and Deutsche Bank AG are joint global coordinators for the IPO, which has yet to be rubber stamped by the stock exchange.