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The IPO of North Star Meat Merchants has been approved by the Securities and Exchange Commission.

are estimated to total PHP3.462 billion, which will be used for capital expenditures to improve the company’s cold chain infrastructure, increase working capital, and expand product lines.

Golden MJTF Holdings could profit up to PHP864.45 million from the offering if the overallotment option is fully exercised.

The revenues from the sale of the selling shareholder’s shares will not go to North Star Meat Merchants.

North Star Meat Merchants has 360 meat concessions around the United States. It has a total cold storage capacity of 8.09 million kilos across the country and can deliver up to 120,000 kilograms of beef each day.

According to the latest timetable given to the SEC, the IPO would run from May 30 through June 3, with the PSE listing set for June 10.

BDO Capital and Investment Corporation has been appointed as the sole issue manager, with China Bank Capital Corporation serving as joint lead underwriters and joint bookrunners.

Co-lead underwriters will be PNB Capital Investment Corporation and SB Capital Corporation.

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