PILIPINAS SHELL Petroleum Corp. will start offering its shares to retail investors today in a P19.5-billion market debut that would become Southeast Asia’s fifth-biggest for the year given strong demand.
Trading participants in the Philippine Stock Exchange (PSE) and local small investors (LSIs) have until Oct. 25 to acquire shares in the company through an initial public offering (IPO) pushed back by economic and market uncertainties in the past 18 years.
Pilipinas Shell is selling 82.5 million common shares -- 30% of the maximum offer comprising 275 million shares for the base deal and 16 million shares for overallotment -- to the bourse’s trading participants and LSIs for P67 apiece.
Proceeds from the IPO could reach P19.5 billion, in case of oversubscription, giving Pilipinas Shell a market capitalization of P112.63 billion.
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