pepsi-philippines-pulls-off-ipo-in-tough-market

Pepsi Philippines pulls off IPO in tough market

The local drinks bottler draws enough demand but prices at the bottom of the range to raise $111 million in the country's first listing this year.

Pepsi-Cola Products Philippines was able to attract enough international investors to its initial public offering to guarantee the listing will go ahead, despite a 9.6% loss in the Philippine stockmarket last week.

Observers say the fact that the listing candidate, which is the exclusive licensed bottler of PepsiCo in the Philippines, is a play on domestic consumption may have saved the deal at a time when investors are fretting about a global fall-out from a potential US recession. Even if the local economy were to take a hit, soft-drinks are unlikely to be among the first things people have to cut back on - or so the argument...

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