PHILIPPINES: Tough markets lower Pepsi-Cola IPO targets
Pepsi Cola Products Philippines (PCPP) has lowered the price range for next month's IPO.
The company, which holds the Pepsi Bottling Group licence for the Philippines, said yesterday (8 January) that the initial price of up to PHP6 per share has been revised downwards to between PHP3.50 and PHP4.30.
While the company said it was reducing the price "to make the offering more attractive to investors", a spokesperson for PCPP told local reporters that the current weak condition of the stock market had also prompted the move.
Up to 1.14bn primary and secondary shares will be up for sale when the IPO is launched next month, with expected income from the move expected to reach around PHP5bn (US$122.5m). Proceeds from the sale will be used 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.
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