Metro Pacific Hospital Holdings Inc. is seeking to raise as much as P83.3 billion in what could be the country’s largest initial public offering ever.
The offer involves as much as 457.86 million shares at a maximum price of P182 per share, which was based on a book-building process with the underwriters and bookrunners.
Of the total shares, 35.821 million will be sold through a primary offer, 381.27 million through a secondary offer. The remaining 40.77 million shares have been earmarked for the greenshoe option in case of strong demand.
MPHH will receive P6.5 billion from the expected proceeds which it plans to use for investments in additional hospitals, cancer centers, clinics and new healthcare businesses (P4.4 billion), additional investments in existing hospitals to support their growth (P1.58 billion) and for general corporate purposes (P538.5 million).
The selling shareholders, on the other hand, are expected to receive P75.1 billion assuming full exercise of the overallotment option.
Pricing of the shares is scheduled on Nov. 13 while the IPO is expected to commence on Nov.18 and will run until Nov.22. The shares will be listed on the main board of the PSE on Dec.2.
UBS is sole global coordinator and joint international bookrunner while Bank of America Merill Lynch, CLSA, JP Morgan are the joint international bookrunners for the offering.
First Metro Investment Corp., on the other hand, is the lead domestic coordinator and joint domestic lead underwriter along with BDO Capital and Investment and BPI Capital Corp.