Pilipinas Shell debuts on the Philippine stock exchange
Nov 03, 2016
Pilipinas Shell Petroleum Corporation strengthens its presence in the market as it debuted in the Philippine Stock Exchange today.
With the ringing of the bell ceremony at the opening of trading at the Philippine Stock Exchange, Pilipinas Shell becomes an officially listed company with the stock symbol “SHLPH”. Initially offered at Php67.00 per share, the company offered 291 million shares last October, and will be one of the largest companies in the Philippines by market capitalization at Php108 billion.
Pilipinas Shell is the third company in the Philippines to complete an IPO this year and is the 2nd largest IPO in the country so far in 2016. The Pilipinas Shell IPO was able to raise a total of Php18,425 million and could raise as much as Php19,497 million, if the overallotment option is exercised.
The IPO meets the provisions of the Downstream Oil Industry Deregulation Act of 1998 requiring entities engaged in the oil refinery business to make a public offering of at least 10% of its common stock and listing on an exchange. The IPO was led by J.P. Morgan as Global Coordinator and International Bookrunner and BPI Capital as Domestic Lead Underwriter and Domestic Bookrunner. Rothschild served as Financial Advisor to Pilipinas Shell.
“We are delighted with the overwhelming response received by Pilipinas Shell Petroleum Corporation from investors globally and see it as a vote of confidence in the future of the company and in its leadership,” says Cesar Romero, the newly appointed Country Chairman of Shell Companies in the Philippines and President of Pilipinas Shell Petroleum Corporation.
Romero noted that the company aims to utilize its added capital to strategically expand its operations in the country.
“Being publicly listed opens more opportunities for us as a company. We value being a strategic partner to our stakeholders and we aim to continue to do the same for our investors,” added Romero.
Operating in the country for over fifty years, Pilipinas Shell has established itself as one of the growing and leading oil refining and marketing business in the country.
This document is not an offer of securities for sale in the United States or elsewhere. The shares of Pilipinas Shell are not being registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act) and may not be offered or sold in the United States unless registered under the U.S. Securities Act or pursuant to an exemption from such registration. There will be no public offering of the shares of Pilipinas Shell in the United States.
Cesar Abaricia – email@example.com
Mich Villar – firstname.lastname@example.org