Pilipinas Shell achieves $2.2b market cap in IPO debut

Shell branding is seen at a petrol station in west London, January 29, 2015. REUTERS/Toby Melville

Pilipinas Shell Petroleum Corp has finally completed its long overdue initial public offering (IPO) raising its least target of $400 million (P19.5 billion) share sale on the Philippine Stock Exchange (PSE).

Although it opened flat in its IPO debut, Pilipinas Shell achieved a market capitalization of over $2.2 billion (P108 billion), likely qualifying it for the 30-member main PSE index (PSEi).

A local unit of energy titan Royal Dutch Shell PLC, Pilipinas Shell was supposed to have gone public in 2002, as per the the Oil Industry Deregulation Act of 1998. The law mandates that Shell should list 10 per cent of its common stocks.

Also Read: Philippines: Refiner Petron Corp raises $412m through bond offering

Pilipinas Shell offered 291 million shares priced at P67 apiece, joining the PSE main board on Thursday with the stock symbol “SHLPH”.

The IPO was led by JP Morgan as Global Coordinator and International Bookrunner, and BPI Capital as Domestic Lead Underwriter and Domestic Bookrunner. Rotchschild served as Financial Advisor to the corporation.

The foreign firm itends to use IPO proceeds to back up its capital needs and repay debts.

Also Read: Philippines: Philab set for backdoor listing via $10.3m buyout deal with ALT

Pilipinas Shell could have further realized a higher market capitalization but was restrained by a volatile trade brought about by uncertainties stemming from the US presidential elections, reports said.

Pilipinas Shell traces its roots to Asiatic Petroleum Company (Philippine Islands) Ltd in the Philippines back since 1914, and has grown to become one of the leading oil refining and marketing businesses in the Philippines.

The corporation last traded at P70.65 per share.

Also Read:

Pizza chain Shakey’s Philippines targets to raise $113m in IPO

GIC aims to sell shares in Shakey’s Pizza Philippines IPO

Philippines: Celebrity mobile gaming Xeleb Technologies bares $15m IPO goal

Cemex Holdings Philippines raises $537m in IPO debut

Golden Haven raises $16.5m from IPO in Philippine Stock Exchange

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.