san-miguel-brewery-pulls-off-pricesensitive-ipo

San Miguel Brewery pulls off price-sensitive IPO

Parent company San Miguel Corporation decides to spin off only 5% of its domestic beer subsidiary, while price sensitivity makes it "highly likely" that the price will be fixed at the bottom of the range.
April 24, 2008
San Miguel Brewery has attracted enough international demand to complete its initial public offering and will go ahead with the domestic portion of the deal on Monday. The final price wonÆt be announced until later today, but according to sources, it is highly likely to end up at the bottom of the Ps8 to Ps11 range. Based on the level of price sensitivity in the deal, it cannot really price anywhere else, they say.

Meanwhile, parent company San Miguel Corporation has decided to spin off only 5% of the listing candidate, which includes all of the groupÆs domestic beer operations, as opposed to the 10% that was flagged in the prospectus. Based on the bottom...
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