San Miguel to price beer IPO at low end - source

MANILA, April 24 (Reuters) - The Philippines' San Miguel Corp (SMCB.PS: Quote, Profile, Research, Stock Buzz) will likely price the IPO of its domestic beer unit at the low end of a 8.0-11 pesos per share price range and offer less shares, a source familiar with the terms said on Thursday.

The source, who declined to be named because he is not authorised to speak to the media, said most of the orders for the May IPO were at the low end. He said San Miguel may now offer between 5-8 percent of the brewery's stock.

A term-sheet sent to investors said the deal was valued at between $148-203 million. That compares to a maximum of around $406 million at the top end of the price range and an offer of up to 10 percent of the stock. (Reporting by Carmel Crimmins, editing by Raju Gopalakrishnan)