PSE approves North Star Meat Merchants’ IPO

Local bourse operator Philippine Stock Exchange Inc. (PSE) said Tuesday it has approved the initial public offering (IPO) of North Star Meat Merchants Inc. (NSMMI).

In a statement, the PSE said NSMMI’s IPO is slated from June 13 to 17, 2022.

The local bourse operator said the meat vendor will offer up to 360 million primary shares and 32 million secondary shares with up to 58 million over-allotment option shares.

The IPO shares are priced at up to P10.00 apiece.

The final offer price will be determined on June 8, 2022 after the completion of its book building exercise, according to the PSE.

Meanwhile, the tentative listing date for the shares of NSMMI is on June 24, 2022.

The company will be traded using the ticker symbol NSTAR.

“Domestic consumption is expected to remain among the drivers of the country’s post-pandemic economic recovery, with the food sector among the primary industries that will benefit from a resurgence in consumer spending. This environment is ideal for companies like North Star Meat Merchants, which is looking to raise funds for expansion,” said PSE president and CEO Ramon Monzon.

NSTAR will utilize the capital raised from its IPO to expand its cold chain infrastructure, improve its operating cycle efficiencies, and expand its product lines and research and development work, according to the PSE.—AOL, GMA News