Pilipinas Shell achieves $2.2b market cap in IPO debut

Pilipinas Shell achieves $2.2b market cap in IPO debut

Pilipinas Shell Petroleum Corp has finally completed its long overdue
initial public offering (IPO) raising its least target of $400 million
(P19.5 billion) share sale on the Philippine Stock Exchange (PSE).

Although it opened flat in its IPO debut, Pilipinas Shell achieved a market
capitalization of over $2.2 billion (P108 billion), likely qualifying it for
the 30-member main PSE index (PSEi).

A local unit of energy titan Royal Dutch Shell PLC, Pilipinas Shell was
supposed to have gone public in 2002, as per the the Oil Industry
Deregulation Act of 1998. The law mandates that Shell should list 10 per
cent of its common stocks.

Pilipinas Shell offered 291 million shares priced at P67 apiece, joining the
PSE main board on Thursday with the stock symbol "SHLPH".

The IPO was led by JP Morgan as Global Coordinator and International
Bookrunner, and BPI Capital as Domestic Lead Underwriter and Domestic
Bookrunner. Rotchschild served as Financial Advisor to the corporation.

The foreign firm itends to use IPO proceeds to back up its capital needs and
repay debts.

Pilipinas Shell could have further realized a higher market capitalization
but was restrained by a volatile trade brought about by uncertainties
stemming from the US presidential elections, reports said.

Pilipinas Shell traces its roots to Asiatic Petroleum Company (Philippine
Islands) Ltd in the Philippines back since 1914, and has grown to become one
of the leading oil refining and marketing businesses in the Philippines.

The corporation last traded at P70.65 per share.

--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---

Link to Original Article:
http://www.dealstreetasia.com/stories/pilipinas-shell-achieves-2-2b-market-c
apital-via-ipo-debut-57515/

--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---

John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com