Shell prices Philippine unit's IPO at mid-point

Investor demand for Pilipinas Shell Petroleum indicates confidence in the Philippine economy and desire for a rare, internationally recognized IPO in Manila.

Shell prices Philippine unit's IPO at mid-point

Pilipinas Shell Petroleum is edging closer to listing its shares on the Manila bourse after receiving strong demand from international investors for the institutional tranche of its Ps18.4 billion $380 million initial public offering.

Final pricing for the 275 million-share deal was set at Ps67 per share, the mid-point of the Ps64 to Ps70 indicative price range. That is also at the upper end of the revised guidance Ps65 to Ps67 done during the...

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