The Keepers Holdings, Inc. set the price for its follow-on offering (FOO) at P1.50 per share, which is the lowest end of its already discounted price range.听听听
At this offer price, the company may raise up to P4.5 billion for the sale of three billion common shares.听听听
The company revised its FOO price range to P1.50 to P2 per share, down from the previous range of P2.00 to P2.50. It said it received approval from the Securities and Exchange Commission to adjust the price range on Oct. 26.听听听听
鈥淕iven the string of public offerings in the local market this year, this may help gather more interest in the company’s [FOO], as well as providing some space for the issue to appreciate in value,鈥 Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a Viber message.听听听听
鈥淭his would entice more investors with the lowered final offer price, which provides greater potential upside in the future, especially if the economy re-opens or recovers further,鈥 Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a separate Viber message.听听听
The Lucio L. Co-led firm is involved in the liquor distribution business.听听
RCBC鈥檚 Mr. Ricafort said that the reopening of restaurants and hotels once lockdowns are further eased may also provide an upside for the firm.听听听
鈥淟iquor consumption increases alongside with any boost in consumer spending, which accounts for about 70% of the economy, as would be partly boosted before the elections,鈥 Mr. Ricafort said.听听听
The Keepers Holdings entered a share-swap transaction with another Co-led listed firm, Cosco Capital, Inc., for shares in Montosco, Inc., Meritus Prime Distribution, Inc., and Premier Wine and Spirits, Inc.听听听
Cosco Capital was issued 11.25 billion of The Keepers Holdings鈥 shares in exchange.听听听
The company also increased its authorized capital stock to P2 billion from P327.6 million. It consists of 20 billion common shares with a par value of 10 centavos per share.听听
As a result of the decrease in public float to 0.34%, shares of The Keepers Holdings were suspended and last traded at the stock market on July 7, closing at P2.95 each.听听听听
The Keepers Holdings is conducting the follow-on offering to comply with the public float requirement. Its estimated public float post-offer stands at 20.94%. — Keren Concepcion G. Valmonte 听
