NextGen Day

The Securities and Exchange Commission (SEC) has approved Medilines Distributors Incorporated’s initial public offering and Sta. Lucia Land, Inc.’s follow-on offering.

The Commission en banc decided on October 12 to make the registration statements of Medilines and Sta. Lucia Land, covering 2,750,000,800 common shares and 3 billion common shares, respectively, is valid, subject to certain outstanding conditions.

Medilines will sell up to 550,000,000 main common shares for up to PHP2.45 apiece, as well as a secondary offering of up to 275,000,000 shares by selling shareholder Virgilio Villar.

The shares will be listed and traded on the Philippine Stock Exchange, Inc.’s mainboard (PSE).

The sale of the main shares is expected to generate PHP1.28 billion in revenue for the business. It will not get any profits from the selling shareholder’s share sale, which may amount to PHP641.2 million.

The proceeds of the offer will be utilized to fund the company’s working capital for the purchase of current goods and the expansion of its medical consumables inventory, as well as to repay debt.

According to the most recent timeline filed to the SEC, the initial public offering would take place from November 11 to 17, in time for their debut on the PSE on November 25.

PNB Capital and Investment Corporation was hired as the offer’s sole issue manager, lead underwriter, and book-runner.

Medilines is a medical equipment distributor in the Philippines, serving both public and private healthcare institutions. Its portfolio, which comprises equipment from global medical device firms, is focused mainly on specialist medicine, such as diagnostic imaging, dialysis, and cancer treatment.

Sta. Lucia Land will sell up to 2.5 billion common shares to the public at a price ranging from PHP2.38 to PHP3.29 per share, with a 500 million common share oversubscription option. The shares will be listed and traded on the PSE’s mainboard.

If the oversubscription option is fully exercised, the net proceeds from the offer may exceed PHP9.55 billion.

The proceeds of the offer will be used for capital expenditures on new and existing projects, short-term debt repayment, strategic land banking, and general business objectives.

According to the most recent schedule filed to the SEC, the follow-on offering will take place from November 10 to 19, with the shares expected to be listed on the PSE on November 26.

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