The Philippine Stock Exchange approved the P6.17-billion initial public offering of Metro Retail Stores Group Inc., the retail unit of the Gaisano family of Cebu province.
The PSE said on it Web site Metro Retail would sell 920 million shares at P6.10 apiece. Another 92 million shares will be earmarked to cover the over allotment option.
Metro Retail will peg the final price on Nov. 5 and schedule the offering from Nov. 9 to Nov. 13. The listing date is tentatively set on Nov 24.
Metro Retail will have a market capitalization of P21 billion and public float of 26.71 percent after the IPO.
Metro Retail plans to earmark up to 70 percent of the shares to overseas investors and 30 percent to trading participants of the PSE and domestic retail investors.
Metro Gaisano will be the third company to be listed with the PSE this year. The first two were Crown Asia Chemicals Corp and SBS Philippines Corp.
Metro Retail plans to use the proceeds from the share sale to fund capital expenditures in the establishment of new stores.