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Co’s Puregold refiles IPO application

[ manilastandardtoday.com ] August 19, 2011

Puregold Price Club Inc., the supermarket chain owned by Filipino-Chinese businessman Lucio Co, refiled its initial public offering application with the Securities and Exchange Commission.

Puregold aims to raise up to P12.4 billion in proceeds from the initial offering based on a maximum price of P18 per share, slightly higher than last year’s IPO filing in which it planned to raise P11.2 billion at a price of P16 per share.

Documents obtained from the SEC showed that Puregold would offer up to 600 million primary and secondary shares and another 90 million common shares to cover the overallotment.

Net sales reached P17.3 billion in the first six months of 2011, up 41 percent from P12.3 billion year-on-year while net income grew 270 percent to P782 million from P212.2 million.

Puregold plans to use the proceeds to settle debts and finance store expansion.

Puregold said it was spending P6.26 billion in capital expenditures from 2011 to 2013 to put up new stores in Davao, Rizal, Cavite, Bataan, Pangasinan, Baguio City, Ilocos Norte, Caloocan, Bulacan, Camarines Sur, Laguna, Quezon City, Legaspi City, Iloilo City, Leyte, Cebu City, Tarlac City, La Union and Albay.

The company plans to settle P2.24 billion worth of debt with China Banking Corp., Metropolitan Bank & Trust Co. and Banco de Oro Unibank.

The supermarket chain hired HSBC and UBS AG as joint global coordinators and international lead managers and BDO Capital and Investments Corp. and First Metro Investments Corp. as domestic lead underwriters.

Puregold will offer 500 million in primary shares and 100 million in secondary shares owned by existing shareholders, including Lucio Co and Susan Co.

The company plans to sell up to 420 million common shares to international investors and 180 million to local investors. Jenniffer B. Austria
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