The Market Monitor Minding the Nation's Business
By Riza Lozada
Pilipinas Shell Petroleum Corp. (PSPC), a unit of Royal Dutch Shell, hopes to raise up to P2.7 billion in its initial public offer (IPO) through the issuance of 300 million shares including 30 million in new shares at an indicative price of 90 each.
The company intends to use the net proceeds from the IPO for capital expenditure, working capital and general corporate expenses.
The trading symbol of PSPC at the stock index will be “SHLPH”.
In its “SHLPH Revised Offer Term Sheet” PSPC reported to the stock market that shares on offer came from Shell Overseas Investments B.V.
The Insular Life Assurance Company, Ltd. and Spathodea Campanulata Inc. The listing date is scheduled on Nov. 3.
“Any firm shares left unsubscribed after the trading participants and retail offer period, the institutional offer (excluding optional shares), and the employee tranche offer, will be firmly underwritten by the global coordinator and international bookrunner and the domestic lead underwriter and domestic bookrunner,” PSPC reported.
The institutional offer of up to 69 percent of the firm shares are subject to reallocation and are being offered and sold outside the United States in offshore transactions under the U.S. Securities Act and also in the Philippines.
The company’s report said 3 million of the shares or one percent of those on offer are allocated to Filipino regular employees as part of the employee tranche offer.
The global coordinator and international bookrunner for the IPO is J.P. Morgan Securities Plc and the domestic lead underwriter and domestic bookrunner is BPI Capital Corp.
The pricing and allocation of the shares for the IPO, notice of final offer price to the Securities and Exchange Commission (SEC) and the Philippines Stok Exchange (PSE), and the submission of firm order and commitments by PSE trading participants will be on October 13, October 14, and October 21, respectively.
The trading participants and retail offer period, trading participants and retail offer period settlement date, and the institutional offer settlement date will be October 19 to October 25, October 28, and November 3, respectively.