North star Meat merchants got the nod from the Securities and exchange commission (SEC) yesterday for its initial public offering.
It intends to do an Initial Public Offer of up to [392,000,000] Common Shares consisting of up to [360,000,000] Primary Common Shares and up to [32,000,000] Secondary Common Shares with an Over-allotment Option of up to [58,000,000] Secondary Common Shares.
The offer price for the IPO is initially set for Php10.0/share, IPO total will be at Php 4.5Billion, 3.46 Billion from the offer of the primary shares for its cold chain infrastructure.
Sole issue manager is Banco de Oro and Joint lead underwriters include BDO Capital, Chinabank Capital, SB Capital and PNB Capital
According to its prospectus;
North Star is the leading and one of the largest pork and beef vendors in Modern Trade Channels in the Philippines1 . The Company prides itself on providing a full line up of pork and beef at affordable prices, nationwide. As of the date of this Prospectus, the Company has an authorized capital stock of ₱625,000,000.00 divided into 2,500,000,000 common shares with a par value of ₱0.25 per share, of which 1,440,000,000 common shares are issued and outstanding.
The Offer Shares shall be offered at a price of up to ₱10.00 per Offer Share (the “Offer Price”). The final Offer Price will be determined through a book-building process and discussion between the Company and BDO Capital & Investment Corporation (“BDO Capital”) as sole issue manager (the “Sole Issue Manager”), and together with BDO Capital, China Bank Capital Corporation (“China Bank Capital”), PNB Capital & Investment Corporation (“PNB Capital”) and SB Capital & Investment Corporation (“SB Capital”), collectively, the “Underwriters.” The Offer Shares will be listed and traded on the Main Board of The Philippine Stock Exchange, Inc. (the “PSE”) under the trading symbol “NSTAR”.
Up to [78,400,000] Firm Shares (or 20% of the Firm Shares) (the “Trading Participants Offer Shares”) are being offered in the Philippines through the PSE Trading Participants and up to 39,200,000 Shares (or 10% of the Firm Shares) (the “Retail Offer Shares”) are being offered in the Philippines to local small investors (“LSI”) under the Local Small Investors Program of the PSE (subject to reallocation as described below) (such shares, together, the “Trading Participants and Retail Offer Shares”, and such offer of Trading Participants and Retail Offer Shares, the “Trading Participants and Retail Offer”).
The initial request for the Offer Period shall start on May 30, 2022 up to June 3, 2022
Majority of the proceeds will go to Capital Expenditures to expand Cold Chain Infrastructure, Increase Working Capital primarily to improve operational efficiencies, Expansion of Product lines and Research and Development to take advantage of our national distribution network
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