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San Miguel lowers top of beer IPO price range-source

Thu Apr 10, 2008 11:06pm EDT

Stocks

   

MANILA, April 11 (Reuters) - Southeast Asian food and drinks group San Miguel (SMC.PS) has shrunk the price range for its domestic beer unit's IPO, the second cut in as many months, to 8.0-11.0 pesos a share from 8.0-15.40 pesos a share, a source familiar with the listing plans said on Friday.

"It's due to feedback from pre-marketing," said the source, who declined to be named.

At the top of the new range, the IPO values San Miguel Brewery at around $4 billion, down from $6 billion based on an initial price range of 9.50-16.30 pesos a share.

The Manila-headquartered parent group is selling between 5 and 10 percent of San Miguel Brewery.

($1 =41.635)

(Reporting by Carmel Crimmins; Editing by Alan Raybould)



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