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Philippine coconut products maker prices $109 mln IPO

Published 09/20/2019, 03:24 PM
Updated 09/20/2019, 03:30 PM
Philippine coconut products maker prices $109 mln IPO
PSI
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MANILA, Sept 20 (Reuters) - Philippines' Axelum Resources
Corp AXLM.PS on Friday priced its initial public offering
(IPO) looking to raise 5.65 billion pesos ($109 million) in the
country's second IPO this year.
It will sell shares at 5 pesos ($0.10) each, a 12% discount
to its maximum guidance of 5.72 pesos, the coconut products
maker said in a notice to the stock exchange.
The company will sell up to 1.13 billion shares and use the
proceeds to help fund acquisitions, expand domestic and
international distribution networks, and pay debts.
"We feel it is the perfect balance between what Axelum is
worth and the need to provide an upside for the Filipino
investing public," Chairman Romeo Chan told Reuters.
Axelum manufactures products including milk powder, cream
and oil from coconuts sourced in the southern Philippines. Its
products are exported to 23 countries.
Axelum hired First Metro Investment Corp and BPI Capital for
the IPO. Axelum's shares will start trading on Oct. 7.
The Philippines' broader stock index .PSI is among Asia's
top performers this year but has been trading sideways in the
past month, weighed down by the Sino-U.S. trade war.
($1 = 52.04 Philippine pesos)


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