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Oct 18, 2018 @ 19:32

San Miguel’s F&B unit cuts offer size, price range set at P85-95


San Miguel Food and Beverage Inc. has chopped the size of its proposed follow-on offering by nearly half and set a price range of P85 to P95 each share.

From a maximum of 1.02 billion shares, SMBF is now looking to sell up to 523 million shares.

With the new price range, thre company is expected to raise between P44.45 billion to P49.7 billion, lower than the original target of P142.8 billion

The conpany was earlier consodering selling the shares at a maximum P140 per each.

Volatile market conditions forced the company to cut its offer size and price.

The shares will priced on Oct. 25 following SMFB’s international roadshow.

JP Morgan Securities Plc, Morgan Stanley Asia (Singapore) Plc and UBS AG Singapore as its global coordinators. Deutsche Bank AG Hong Kong and Goldman Sachs (Singapore Plc) are the joint global bookrunners.

Lead local underwriters include BDO Capital & Investment Corp. and BPI Capital Corp., while Standard Chartered Bank is the financial advisor.

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