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Luxury brand retailer SSI Group seeks SEC nod on IPO


(Updated 7:06 p.m.) The company responsible for bringing global brands like Lacoste and Hermès into the Philippine stores is aiming for an initial public offering and listing on the Philippine Stock Exchange to finance the expansion of its retail business and take advantage of the expanding Filipino middle class.
 
In an e-mailed statement Wednesday, specialty retailer SSI Group Inc. said it sought Securities and Exchange Commission (SEC) approval for an IPO.
 
Based on its prospectus, the group will offer 864.22 million common shares and up to 129.63 million shares under an over allotment option at a maximum offer price of P12.50 per share or a total of up to P12.4 billion, according to a separate Reuters report.
 
The firm said the offer shares will comprise new common shares to be issued and offered by the company on a primary basis, and existing common shares to be offered by certain selling shareholders as secondary offering.
 
SSI president Anton Huang said proceeds of the planned IPO will be used to grow the company's international brand portfolio and retail presence throughout the country.
 
“We have a growing middle class that has an appetite for quality lifestyle products. Our luxury market has also found that the shopping experience we offer them in the Philippines is at par with what they experience overseas," he said.
 
As of end-June, SSI Group has 655 retail locations in 68 malls throughout the country.
 
"With this planned IPO, we expect to be able to offer more global brands in more locations and make shopping convenient and easily accessible,” Huang said.
 
BPI Capital Corp., Credit Suisse (Singapore) Limited and Hongkong and Shanghai Banking Corporation Limited-Singapore Branch were tapped as joint global coordinators and bookrunners for the planned IPO.
 
Established in 1987, SSI is the main proponent of the Rustan’s Group’s specialty retail operations.
 
The SSI Group now includes Stores Specialists Inc. and retails 103 international brands including, Prada, Gucci, Burberry, Salvatore Ferragamo, Michael Kors, Kate Spade, GAP, Old Navy, Zara, Stradivarius, Bershka, Aeropostale, Samsonite, Nine West, Payless Shoe Source, Beauty Bar, Marks & Spencer, Pottery Barn and TWG.
 
It is also partly operating FamilyMart convenience stores under a partnership deal with Ayala Land Inc. and Japan FamilyMart and Itochu Corporation of Japan.
 
The company recently opened its first Wellworth Department Store, a mid-market joint venture with Ayala Land. – Danessa O. Rivera/VS, GMA News
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