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Manila Bulletin devider Business devider PSE approves NorthStar's P4.5-B IPO

PSE approves NorthStar's P4.5-B IPO

Published May 31, 2022 02:27 pm

The Philippine Stock Exchange, Inc. (PSE) has approved the planned P4.5-billion initial public offering of North Star Meat Merchants, Inc. slated for June 13 to 17, 2022.

The meat vendor will offer up to 360 million primary shares and 32 million secondary shares with up to 58 million over-allotment option shares.

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The IPO shares are priced at up to Php 10.00 apiece. The final offer price will be determined on June 8, 2022 after the completion of its book building exercise.

The tentative listing date for the shares of North Star Meat Merchants is on June 24, 2022. The company will be traded using the ticker symbol NSTAR.

PSE President & CEO Ramon S. Monzon

“Domestic consumption is expected to remain among the drivers of the country’s post-pandemic economic recovery, with the food sector among the primary industries that will benefit from a resurgence in consumer spending,” said PSE President and CEO Ramon S. Monzon.

He added that, “This environment is ideal for companies like North Star Meat Merchants, which is looking to raise funds for expansion.”

NSTAR will utilize the capital raised from its IPO to expand its cold chain infrastructure, improve its operating cycle efficiencies and expand its product lines and research and development work.

Local Small Investors (LSIs) may subscribe to the IPO through the PSE EASy website (http://myeasy.pse.com.ph) or mobile application.

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