Capital

SEC Okays IPO of North Star Meat Merchants Inc

IPO alert.
IMAGE NORTH STAR
Comments

The Securities and Exchange Commission has approved the initial public offering (IPO) of meat retailer North Star Meat Merchants Inc. (NSMMI) worth up to P4.5 billion.

The company, which supplies meat products to various retailers nationwide, plans to offer up to 360 million common shares priced at P10 per share to the public. The offer also includes 32 million shares from shareholder Golden MJTF Holdings, Inc., plus an overallotment option of 58 million common shares, priced at up to P10 each.

NSMMI expects to net about P3.462 billion from the primary shares, which the company will use for capital expenditures to expand its cold chain infrastructure, increase working capital, and expand product lines.

Meanwhile, assuming the overallotment option is fully exercised, Golden MJTF Holdings can net up to P864.45 million from the offering. NSMMI will not receive the proceeds from this sale.

Founded by Anthony Ng in 1999, NSMMI began as an undergraduate thesis involving the small opening of a meat shop in Iloilo supplying the SM mall in the province. By 2000, the company was already recording sales of P1 million per month.

NSMMI now operates 360 meat concessions nationwide. It has 8.09 million kilograms of company-owned cold storage capacity across the country and can deliver up to 120,000 kilograms of meat daily.

The IPO will run from May 30 to June 3, with listing on the PSE scheduled on June 10.

NSMMI engaged BDO Capital and Investment Corporation as sole issue manager, which will be joined by China Bank Capital Corporation as joint lead underwriters and joint bookrunners. PNB Capital Investment Corporation and SB Capital Corporation will also serve as co-lead underwriters.

ADVERTISEMENT - CONTINUE READING BELOW

CONTINUE READING BELOW
Recommended Videos

Discover the best of culture, business, and style from Esquire Philippines. Visit Quento for more stories and subscribe to our YouTube channel for new videos. 

Comments
More Videos You Can Watch
About The Author
Paul John Caña
Associate Editor, Esquire Philippines
View Other Articles From PJ
Latest Feed
Load More Articles
Connect With Us