Meat retailer North Star Meat Merchants, Inc. announced on Tuesday that it had filed a registration application with the Securities and Exchange Commission (SEC) for an initial public offering (IPO). READ:
The market listing, subject to approval, will allow investors to acquire up to 25% of the company’s 1.8 billion outstanding shares after the offer. The shares will be offered at a price of up to P10 each, bringing the IPO size to P4.5 billion.
North Star plans to hold the offer period in June 2022 and expects to net approximately P3.5 billion from the sale of primary shares. North Star said it was planning the IPO to “accelerate the expansion of its end-to-end cold chain infrastructure and operations.” “We expect there to be strong interest for this IPO given North Star’s unique focus on the country’s meat sector and food security, its established and longstanding relationships with retail giants such as the SM group and its unmatched scale of operations,” BDO Capital President Eduardo V. Francisco said.
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