Pilipinas Shell Petroleum is edging closer to listing its shares on the Manila bourse after receiving strong demand from international investors for the institutional tranche of its Ps18.4 billion $380 million initial public offering.
Final pricing for the 275 million-share deal was set at Ps67 per share, the mid-point of the Ps64 to Ps70 indicative price range. That is also at the upper end of the revised guidance Ps65 to Ps67 done during the final days of the bookbuild.
At this level, the company will command a market capitalisation of $2.25 billion, or about 9.4 times forward enterprise value-to-Ebitda.
Sources familiar with the...
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