The specialty store arm of Rustan’s company, SSI Group, has announced it is currently seeking approval from the Securities and Exchange Commission to pave the way for a planned initial public offering or IPO in November.
Rustan’s Stores Specialists Inc. (SSI) is responsible for bringing more than a hundred international brands into the country, including Hermes, Prada, Gucci, Burberry, Salvatore Ferragamo, Lacoste, Michael Kors, Kate Spade, Gap, Old Navy, Zara, Stradivarius, Bershka, Aeropostale, Samsonite, Nine West, Payless Shoe Source, Beauty Bar, Marks and Spencer, Pottery Barn and TWG, among others.
The group also manages and operates FamilyMart convenience stores, a joint venture with Ayala Land, Inc. (ALI), Japan FamilyMart and Itochu Corporation of Japan and the Wellworth Department Store, targeting the mid-market segment, under a joint venture with ALI.
As of June 2014, SSI operates 655 retail outlets in 68 malls nationwide.
IPO Price, Offer Period and Listing Date
In a statement, the company said they will issue up to 864.22 million primary and secondary shares, and another 129.63 million shares for overalloment, should there be increased demand.
The shares are tentatively priced at P12.50 each.
The offer period, or the time the shares are offered to the public, will run from October 23 to 29.
Listing date and start of trading of shares in the Philippine Stock Exchange is scheduled on November 5.
The company plans to raise as much as P12.42 billion from the IPO, proceeds of which will be used to “expand our international brand portfolio and our retail presence throughout the country; and support the rapid pace of expansion of our FamilyMart store network and Wellworth department stores.”
Other IPOs and public listings in 2014
Once approved, SSI will be the next IPO in the Philippines this year, together with low-cost housing developer Pro-Friends that announced it has also recently filed an IPO application.
SSI and Pro-Friends will follow property developer Double Dragon Properties (DD) and meat canning company Century Pacific Foods Inc. (CNPF) that conducted their initial public offering in April and May, respectively.
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2 thoughts on “Rustan’s SSI Group sets IPO in November 2014”
What could be the sentiment for this SSI? Consumer products must be popular…
can i know how whre i can buy IPO?