SEC clears North Star Meat’s P3.4B IPO
May 17, 2022 - Tuesday 7:05 PM by GDM
The Securities and Exchange Commission (SEC) has considered the initial public offering (IPO) of North Star Meat Merchants, Inc. worth favorably up to P4.5 billion.
In its meeting on May 17, the Commission En Banc resolved to render effective the registration statement of North Star Meat Merchants covering 1.8 billion common shares, subject to the company’s compliance with certain remaining requirements.
North Star Meat Merchants will offer up to 360 million common shares priced at up to P10 per share. The offer will also include 32 million shares to be offered by selling shareholder Golden MJTF Holdings, Inc., plus an overallotment option of 58 million common shares, priced at up to P10 each.
The shares will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE).
Net proceeds from the offering of the primary shares is expected to amount to about P3.462 billion, which the company will use for capital expenditures to expand its cold chain infrastructure, increase working capital, and expand product lines.
Assuming the overallotment option is fully exercised, Golden MJTF Holdings can net up to P864.45 million from the offering. North Star Meat Merchants will not receive the proceeds from the sale of the selling shareholder’s shares.
North Star Meat Merchants is a meat vendor and supplier that operates 360 meat concessions nationwide. It has 8.09 million kilograms of company-owned cold storage capacity across the country and can deliver up to 120,000 kilograms of meat daily.
The IPO will run from May 30 to June 3, listing the PSE scheduled for June 10, according to the latest timetable submitted to the SEC.
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