PSE approves Figaro IPO; Medilines lists shares

Published December 7, 2021, 5:13 PM

by James A. Loyola

The Philippine Stock Exchange has approved the planned P1.77 billion initial public offering of Figaro Coffee Group, Inc. (FCG), the last company to conduct an IPO this year.

The firm is selling 1.26 billion primary shares and up to 126 million over-allotment shares at a price of up to P1.28 per share.

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The final offer price will be determined on December 10, 2021 after the company conducts its book building process.

The company’s offer period is scheduled from December 16 to 22, 2021 while its tentative listing date is set on December 31, 2021.

PSE President Ramon S. Monzon

“We are pleased that this year’s fund raising pipeline will be capped with an IPO. This shows that despite the pandemic, companies new to the stock market have the opportunity to raise capital through equity financing. We are looking forward to supporting FCG in its IPO as it aims to raise funds for expansion,” said PSE President and CEO Ramon S. Monzon.

Ten percent of FCG’s firm offer shares will be reserved for local small investors (LSIs), who may subscribe to the IPO through the PSE EASy website or mobile application.

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Meanwhile, Medilines Distributors Inc., one of the leading distributors of quality medical equipment in the Philippines, has listed its shares at the PSE after its successful P1.9 billion IPO.

Its shares closed at P1.61 each, down 30 percent from IPO price of P2.30 per share. Medilines offered up to 550 million primary common shares and 275 million secondary shares.

Demand for the IPO exceeded P4.7 billion on the back of strong demand across all tranches, resulting in an oversubscription 2.5 times the offer size of P1.9 billion.

“Medilines is the first company to be listed in the PSE that deals directly with the healthcare industry,” said Monzon.

He noted that, “The Local Small Investor tranche of the offering at PSE EASy was likewise oversubscribed thereby providing Medilines with 2,889 retail investors from 64 provinces, 16 countries and one territory.”

 
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