Medilines, controlled by Virgilio B. Villar, the brother of the country’s richest man Manuel B. Villar Jr., is seeking to issue up to 825 million common shares, representing 30 percent of the issued and outstanding capital of the company, at P2.45 per share.

Of the total, 550 million shares will be issued through a primary offer while the remaining 275 million shares owned by the controlling shareholder will be issued by way of a secondary offer.

The company hopes to finalize the IPO price by November 8 and start the offering on Nov.11 to last until Nov. 17. Listing of the shares has been tentatively scheduled on Nov. 25.

PNB Capital and Investment Corporation is the sole issue manager, lead underwriter, and sole bookrunner for the offering.

Medilines distributes best-in-class equipment from multinational medical device companies such as Siemens (Germany) for diagnostics imaging, B. Braun (Germany) for dialysis and Varian (USA) for cancer therapy.

Its portfolio primarily caters to the leading categories of specialized medicine in the Philippines –diagnostic imaging, dialysis and cancer therapy -that collectively amounted to ₱17 billion in sales under the medical equipment market of the Philippines in 2020.

The post Manny Villar’s brother to tap capital market via Medilines’ P2B IPO first appeared on Bilyonaryo Business News.