Pepsi-Cola Products Philippines has seen its IPO come in at the bottom of its revised price scale.

The company, which holds the Pepsi Bottling Group licence for the Philippines, launched its long-awaited IPO on Saturday (19 January) at PHP3.5 per share, having revised its price range from PHP6 to between PHP3.50 and PHP4.30 earlier this month.

The offering will now raise in the region of PHP4bn (US$97.2m) when the company lists on 1 February. PCPP had hoped to generate around PHP5bn, which has been earmarked to finance a number of projects, including bottling line installations and increased production capacity at its facilities in the country.

Local reports over the weekend have said that concerns about equity markets in the country prompted a cautious approach to the IPO by PCPP.

"Overall market sentiment is just bad, especially with US market drops and possible additional sell-offs if more subprime write-offs are announced," Ed Francisco, executive vice-president of underwriter BDO Capital, was cited as saying.

PCPP is 32.9%-owned by PepsiCo, whereas its major competitor Coca-Cola Bottlers Philippines Inc. is now 100%-owned by Coca-Cola.