The saga of San Miguel's planned IPO for its beer unit has taken another turn for the worse, according to reports.

A piece by Reuters today (11 April) has claimed that the Philippines-based company has cut the maximum it hopes to raise from the IPO of its domestic beer unit by 29%. Citing a source close to the situation, the news service said that San Miguel has trimmed its anticipate price range from between PHP8 (US$0.9) and PHP15.40 to between PHP8 and PHP11.

Should the offering hit the top of the new range, the listing would raise a maximum of $409m, down from the $576m forecast last month.

San Miguel Brewery has started a domestic roadshow to drum up interest in the IPO today, with an overseas roadshow scheduled to start early next week. The offering is expected to open on 28 April.

Separately, San Miguel Brewery said today that net profits in the first quarter of this year leapt by 37% on the corresponding period d ayear ago, hitting PHP2.5bn (US$60.4m). In volume terms, sales in the three months to the end of March increased by 18% to 47m cases, and by 13% in value terms to PHP12.3bn. Operating income was up by over a third to PHP3.7bn.