San Miguel Delays Power IPO: A Potentially Lengthy WaitOctober 2011 | Corporate Financing Analysis
Philippines-based conglomerate San Miguel Corporation (SMC) has decided to postpone the initial public offering (IPO) of its power generation subsidiary, San Miguel Global Power (SMC Global), citing weak market conditions brought by economic uncertainty in the US and Europe. BMI believes that SMC could have to wait until 2013 for the launch of the IPO if it chooses to wait for market conditions to improve. Instead, we believe that an IPO in 2011 could still generate sizeable proceeds to finance its expansion plans.
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