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PSE clears Medilines’ initial public offering

October 21, 2021 - Thursday 8:10 PM by GDM

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Medilines Distributors Inc. has received the go signal from the Philippine Stock Exchange for its initial public offering (IPO).

The PSE made the announcement in a statement on Thursday.

Under the plan, Medilines will be offering up to 825 million primary and secondary shares from November 22 to 26 at a price of up to P2.45 per share. 

The final offer price will be determined on November 16 after the company conducts its book building process.

“The healthcare industry has been in the spotlight since this pandemic broke out. We are pleased to see a company in this space tap the stock market for capital raising,” said PSE President and CEO Ramon S. Monzon.

“We are hopeful that this IPO will pave the way for other companies in this sector to seek funding from the equities market,” Monzon added.

Proceeds from the IPO will be used by Medilines to procure existing products and build-up its medical consumables inventory and for debt repayment.

Ten percent of MEDIC’s firm offer shares will be reserved for local small investors (LSIs), who may subscribe to the IPO through the PSE EASy website or mobile application.