Pepsi Phils sets offer price at P3.50 per share

Pepsi Cola Products Philippines Inc. has priced its maiden offering at P3.50 per share, the minimum price of its indicative range, due to poor market conditions that might reduce appetite for the stock. With the offer price set at P3.50, the company stands to raise as much as 4.59 billion from the exercise. Pepsi Philippines is offering up to 380.78 million primary shares and up to 761.56 million secondary shares. Its over-allotment option is up to 171.35 million common shares. The company revised the offer range for its shares to between P3.50 to P4.30. Pepsi originally said it would sell at a maximum of P6.04. Its selling shareholders are the Guoco Assets Philippines Inc. and The Nassim fund. - GMANews.TV