Concepcion Industrial lowers IPO price to P30.50 per share maximum

From a maximum IPO price of P31.45 per share, Concepcion Industrial Corp. on Tuesday lowered the indicative price for its maiden share sale to P25.50 to P30.50 apiece.

 

The latest indicative price gives Concepcion Industrial proceeds of between P2.19 billion and P2.62 billion from its initial public offering, after which IPO the company will have a market capitalization of P8.21 billion and s public float of 33 percent.

 

“The company advised the exchange that in consultation with its financial advisers, it has decided to sell the offer shares within a price range of P25.50 to P30.50 per share from the previous price range of up to P31.45 per share,” the company noted in a memorandum to the Philippine Stock Exchange.

 

The maker of air conditioning units, refrigerators and freezers is offering 86.2 million primary and secondary shares that include 11.24 million shares as overallotments.

 

The shares will be offered from Nov. 13 to Nov 21 and listed on Nov. 27. Seventy percent or 52.465 million shares are allotted for foreign investors, and 30 percent or 22.490 million will be sold to domestic investor.

 

Hired as the IPO underwriter was Maybak ATR Kim Eng Capital Partners Inc. – VS, GMA News