San Miguel Lowers IPO Expectations Due To Weak Market

Philippine food and drink beverage conglomerate San Miguel Corporation (SMC) has amended earnings expectations from its forthcoming domestic brewery listing downwards amid weak local stock market conditions. SMC still plans to launch its IPO on April 10, with the independent brewery listing to follow on April 22, yet it has cut its price range downwards from PHP9.5-16.3 (US$0.23-0.39) to PHP8-15.4 (US$0.19-0.37). At the top end of expectations the listing could now raise US$576mn, down from the US$615mn initially targeted.

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