San Miguel Reduces Beer IPO Pricing

April 2008 | IPO News Alert

Citing weak equity markets, San Miguel, the Philippine's largest food and drink maker, has cut for the second time the pricing for its San Miguel Brewery IPO. The IPO will be launched on May 12 at the new price range of PHP8.00-11.00 per share, down from the original pricing of PHP8.00 - 16.30 per share. Between 770.5mn and 1.5bn shares of the brewery will be sold representing 5-10% of outstanding stock. San Miguel will sell 70% of the offering to foreign investors; Japan's Kirin Holdings is expected to be keen to invest in the IPO as it already holds 20%

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