Medical equipment distributor Medilines Distributors Incorporated is planning an initial public offering worth up to P2 billion.
Based on its prospectus, Medilines plans to offer up to 825 million common shares at an offer price of up to P2.45 per share.
Of the total offer, 550 million will be primary shares while 275 million will be secondary shares that will be offered by controlling shareholder Virgilio B. Villar, the brother of tycoon Manuel B. Villar Jr.
Net proceeds from the offer will be used to fund the company’s initial working capital for its product portfolio expansion and for debt repayment.
The company engaged PNB Capital and Investment Corporation as the sole issue manager, lead underwriter, and sole bookrunner for the offering.