Trading in Pepsi-Cola Products Philippines has begun this week, below the intial price of the recent IPO.

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

But when trading began today (1 February), the shares opened at PHP3.30, with trading towards the end of the day dipping as low as PHP2.90.

The company expects the IPO to raise in the region of PHP4bn (US$97.2m). 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.

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