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.
Pilipinas Shell receives institutional support for IPO
Pilipinas Shell receives institutional support for IPO

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 final days of the bookbuild.

At this level, the company will command a market capitalisation of $2.25 billion, or about 9.4 times forward enterprise value-to-Ebitda.

Sources familiar with the...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222