Businessman Virgilio B. Villar’s Medilines Distributors Inc. moved a step closer to launching its P2 billion initial public offering after the Securities and Exchange Commission approved the medical equipment supplier’s registration statement.

Medilines is selling up to 825 million shares at a maximum price of P2.45 per share. Of the total, up to 550 million shares comprise the primary offer while the remaining 275 million shares will be issued by Villar himself.

Net proceeds from the offering, amounting to P1.28 billion, will be used to procure medical consumables and pay debt to Bank of the Philippine Islands and Rizal Commercial Banking Corp.

The final offer price will be set on Nov. 8 with the offer period scheduled to run from November 11 to 17. The shares are expected to start trading on November 25.

PNB Capital and Investment Corp. is the sole issue manager, lead underwriter, and sole bookrunner for the offer.

Medilines’ portfolio, includes equipment from multinational medical device companies, primarily catering to specialized medicine, including diagnostic imaging, dialysis and cancer therapy.

The company reported a 54.6 percent growth in net income last year to P103.06 million.

The post Villar brother one step closer to listing Medilines first appeared on Bilyonaryo Business News.



Villar brother one step closer to listing Medilines
Source: Filipino Daily Inquirer