The plan of Medilines Distributors Inc. to go public has secured the approval of the Philippine Stock Exchange (PSE).
In a statement, the PSE said its board of directors cleared the initial public offering (IPO) application of Medilines.
The local bourse’s thumbs up came weeks after the Securities and Exchange Commission (SEC) approved the medical equipment distributor’s IPO.
Medilines will be offering to the investing public up to 550,000,000 primary common shares priced up to P2.45 apiece, plus a secondary offering of up to 275,000,000 shares to be sold by selling shareholder, Virgilio Villar.
The shares of the company will be listed and traded on the main board of the PSE.
The final offer price will be determined on November 16, 2021 after the company conducts its book building process, according to the PSE.
“The healthcare industry has been in the spotlight since this pandemic broke out. We are pleased to see a company in this space tap the stock market for capital raising. We are hopeful that this IPO will pave the way for other companies in this sector to seek funding from the equities market,” said PSE president and CEO Ramon Monzon.
The medical equipment distributor is expecting to net P1.28 billion from the sale of the primary shares.
Proceeds from the IPO will be used by Medilines to procure existing products and build-up its medical consumables inventory and for debt repayment.
Ten percent of Medilines’ offer shares will be reserved for local small investors (LSIs), who may subscribe to the IPO through the PSE EASy website or mobile application, the PSE said. — VBL, GMA News
Medilines IPO gets PSE thumbs up
Source: News Panda Philippines
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