MANILA Nov 29 The Philippine operator of
Shakey's pizza restaurant chain priced its initial public
offering (IPO) at the top end of the indicative range, the
deal's underwriter said on Tuesday.
Shakey's Pizza Asia Ventures Inc (SPAVI) will sell shares at
11.26 pesos each to raise 3.96 billion pesos ($79.7 million) for
its expansion plans, Eduardo Francisco, president of BDO Capital
& Investment Corp, said in a text message.
Indicative price range was at 10.70 pesos to 11.26 pesos
apiece, IFR, a Thomson Reuters publication, reported last week.
Offer period will run from Dec. 2 to Dec. 8, with listing
set on Dec. 15.
Singapore sovereign investor GIC is selling its shares in
the pizza parlour operator, which also owns the perpetual rights
to the Shakey's brand for the Middle East, Asia excluding Japan,
Malaysia, China, Australia and Oceania.
Shakey's Pizza is only the fourth company to debut in the
Philippine Stock Exchange this year. The broader index is
Southeast Asia's second worst performing bourse, posting
year-to-date losses of 2.25 percent as of 0303 GMT as foreign
funds exit emerging markets ahead of an expected U.S. Federal
Reserve rate hike in December.
($1 = 49.7190 Philippine pesos)
(Reporting by Neil Jerome Morales; Editing by Gopakumar