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Philippine retailer SSI prices $166 mln IPO at top end of guidance-Reuters

(Reuters) – Philippine specialty retailer SSI Group Inc priced its initial public offering (IPO) at the top end of its indicative range, allowing it to raise $166 million in the country’s third and biggest maiden share sale this year.

The offer price was set at 7.50 pesos ($0.1676), the high end of the 7.00-7.50 pesos guidance, Reginaldo Cariaso, chief operating officer of underwriter BPI Capital Corp, told Reuters on Thursday.

SSI had earlier cut its maximum IPO price from an initial guidance of 12.50 pesos per share.

“It was five to 10 times oversubscribed by foreign and local fund managers,” Cariaso said.

SSI Group, which resells 103 international brands in the Philippines and operates convenience stores through the FamilyMart chain, tapped HSBC, Credit Suisse (Singapore) Ltd, and BPI Capital to manage the IPO.