Metro Retail Stores Philippines IPO approved
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The Philippines Securities and Exchange Commission has approved Metro Retail Stores Philippines’ initial public offering, with the retail chain expected to raise P6.17bn (US$135m) next month.
Run by the Gaisano family, Metro Retail Stores operates hypermarkets and supermarkets across the country, and plans to use the proceeds from the float to expand its network of stores, and construct a new distribution centre.
Metro Retail Stores plans to sell up to 1.01bn shares at P6.1 (US$0.13) each, with the price to be finalised on 28 October head of an expected 12 November listing.
Questions & Answers
Q.What is the primary purpose of Metro Retail Stores' initial public offering?
What is the primary purpose of Metro Retail Stores' initial public offering?
The retail chain intends to use the funds raised from the IPO to expand its network of stores across the country. Also, a new distribution centre is planned for construction with these proceeds.
Q.Which regulatory body has given its approval for Metro Retail Stores' IPO?
Which regulatory body has given its approval for Metro Retail Stores' IPO?
The Philippines Securities and Exchange Commission has officially approved Metro Retail Stores' initial public offering. This approval allows the retail chain to proceed with its plans to raise capital.
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