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Manila Bulletin devider Business devider North Star shelves P4.5-B IPO

North Star shelves P4.5-B IPO

Published Jun 7, 2022 03:41 pm

North Star Meat Merchants, Inc. has decided to shelve its planned P4.5 billion initial public offering “due to increased market volatility amidst inflationary concerns.”

In a letter to the Philippine Stock Exchange, the firm said the decision to defer the IPO was made in consultation with its Joint Lead Underwriters and Joint Bookrunners.

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The PSE had approved North Star’s plan to offer up to 392 million common shares consisting of up to 360 million primary shares and up to 32 million common shares with an over-allotment option of up to 58 million secondary shares at an offer price of up to P10.00 per share.

“Upon receipt of the necessary approvals, a book-building exercise was undertaken. With great regret, the Company, in consultation with its Joint Lead Underwriters and Joint Bookrunners BDO Capital & Investment Corporation and China Bank Capital Corporation, has decided to defer its proposed IPO,” North Star said.

It noted that, “While reception to the Company and its plans has been positive, the Company was constrained to defer the IPO due to increased market volatility amidst inflationary concerns.”

“The Company intends to proceed with its expansion plans albeit with an adjusted timetable and funding source. The Company continues to believe in its growth prospects and hopes to be able it to tap the capital markets in the future,” North Star said.

North Star had planned to use 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.

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