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Medilines gets SEC approval for P2-b initial public offering

The Securities and Exchange Commission said Tuesday it approved the P2-billion initial public offering of medical equipment distributor Medilines Distributors Inc. and the P9.87-billion follow-on offering of developer Sta. Lucia Land Inc.

It approved Medilines’ public offering of up to 550 million primary common shares priced at P2.45 each, plus a secondary offering of up to 275 million shares to be sold by shareholder Virgilio Villar, brother of billionaire Manuel Villar.

The shares will be listed and traded on the main board of the Philippine Stock Exchange.

Net proceeds from the offering will be used to finance the company’s working capital for the procurement of products and build-up of medical consumables inventory and to repay debt.

The IPO is scheduled to run from Nov. 11 to 17, in time for the company’s debut on the PSE on Nov. 25, based on the latest timetable submitted to the SEC.

Medilines tapped PNB Capital and Investment Corp. as the sole issue manager, lead underwriter and sole bookrunner for the offering.

Medilines is one of the country’s leading distributors of medical equipment to both public and private healthcare facilities in the Philippines. Its portfolio includes equipment from multinational medical device companies catering to specialized medicine, including diagnostic imaging, dialysis and cancer therapy.

Meanwhile, the SEC also approved Sta. Lucia’s offering of up to 2.5 billion common shares with an oversubscription option for another 500 million common shares at a price range between P2.38 to P3.29 apiece.

The net proceeds from the offering will be used to finance new and ongoing projects, payment of short-term debt, strategic land banking and general corporate purposes.

The follow-on offering is slated to run from Nov. 10 to 19, with the shares to be listed on the PSE on Nov. 26, according to the latest timetable submitted to the SEC.

SLI tapped China Bank Capital Corp. as the sole issue manager, lead underwriter and sole bookrunner for the share sale.

Topics: Securities and Exchange Commission , SEC , Medilines Distributors Inc. , initial public offering
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