Restaurant chain operator Shakey’s Pizza Asia Ventures Inc. reduced the price range for its planned initial public offering.
Thomson Reuters publication IFR reported that SPAVI set an offer price of P10.70 to P11.26 per share on its planned maiden share sale amid the current volatile market conditions.
The new range is lower compared to the P15.58 per share maximum offer price it indicated when it filed its IPO application with the Securities and Exchange Commission.
Based on the new offer price, SPAVI will raise P3.7 billion to P3.96 billion in proceeds from the sale of 352 million common shares.
BDO Capital and Investments Corp president Eduardo Francisco said in a text message nothing official was set in terms of price range for the IPO.
BDO Capital is the lead underwriter for SPAVI maiden share offering. The final offer price will be set on Nov. 28.
SPAVI aobtained Philippine Stock Exchange’s approval to conduct the IPO.