Pilipinas Shell Petroleum Corp. has priced its initial public offering at P67 apiece, the top end of its indicative range, to raise up to P19.5 billion.
The IPO comprises 275 million shares, with an option to upsize it to 291 million in case of strong demand.
BPI Capital is the lead underwriter for the offering, which is scheduled to run from Oct. 19 to 25.
Sources said the company has already attracted about eight anchor investors who have agreed to buy a significant block of the shares ahead of the maiden share sale.
Pilipinas Shell, one of two oil refineries in the country, will use proceeds from the offering to fund its capital requirements and repay debt.
