Pilipinas Shell Petroleum Corp., the local unit of Royal Dutch Shell Plc., advanced by more than a week its planned P29.7-billion initial public offering.
The company’s latest registration statement filed with the Securities and Exchange Commission showed the offer period would be from Oct. 19 to 25, while listing date was set Nov. 3.
Pilipinas Shell will announce the final offer price on Oct. 13.
The oil company, which earlier set the offer period on Oct. 26 to Nov. 3 and the listing date on Nov. 10, reportedly started pre-marketing the IPO.
BPI Capital Corp. managing director Eric Roberto Luchangco said in a recent interview the Pilipinas Shell IPO could be pushed earlier than initially scheduled.
BPI Capital is the sole domestic lead underwriter for the oil company’s IPO while J.P. Morgan Securities Plc. is the global coordinator and international book runner. Rothschild is the financial adviser.
The oil refiner’s offering, which was approved by SEC Tuesday, involves the sale of 300 million shares to the investing public for up to P90 apiece and another 30 million under an overallotment option.
These shares represent 18.6 of the company’s outstanding capital stock.
Pilipinas Shell is one of only two integrated refining and marketing companies in the Philippines and has the second largest retail distribution network in the country.
It had a network of 966 Shell retail service stations, comprised of 583 retail service stations in Luzon, 160 in Visayas and 223 in Mindanao as of end-June.
It expects to grow its retail network to 1,220 retail service station sites by 2020.
The company also targets to increase its market share by capitalizing on its leading brand preference position, growing its base of customers and dealers through innovative loyalty programs, providing advanced fuels and services, tactical promotions, forging or strengthening relationships with its dealers.
The group’s commercial business targets to increase sales volume by a compounded annual growth rate of 10 percent by 2018.
Pilipinas Shell posted a net income of P5.07 billion in the first half, up 29.3 percent from P3.93 billion recorded in the same period last year.
First-half gross sales fell 18.8 percent to P71.7 billion from P88.37 billion posted in same period a year ago.
