The maker of popular brands Lucky, M.Y. San Grahams, Fita and Sky Flakes, is selling 3.6 billion primary shares at a maximum price of P17.50 apiece.
An additional 540 million shares have been set aside for the over allotment option in case of strong demand.
Net proceeds from the offer will be used to fund the company’s capital expenditures amounting to P26.5 billion, largely for the expansion and upgrade of production and technological capabilities including its businesses in the UK and other major markets.
The company will also use proceeds for the redemption of P17.3 billion in convertible notes, repayment of P16.78 billion in loans and for general corporate purposes.
UBS, Citi, Credit Suisse are JP Morgan are the joint global coordinators while BDO Capital ,BPI Capital Corp. and First Metro Investment Corp. are the local underwriters.
The IPO is targeted to run from May 17 to 21 while the listing of its shares is set for May 31.