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Shell's Philippines unit prices up to $404 million IPO at high end of guidance
October 14, 2016 / 2:47 AM / a year ago

Shell's Philippines unit prices up to $404 million IPO at high end of guidance

MANILA (Reuters) - The Philippine unit of Royal Dutch Shell PLC (RDSa.L) will raise up to 19.5 billion pesos ($403.8 million) as it has priced the country’s second-largest IPO this year at the high end of its guidance, its underwriter said on Friday.

Filled oil drums are seen at Royal Dutch Shell Plc's lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo

Pilipinas Shell Petroleum Corp IPO-PSP.PS will sell up to 291 million shares at 67 pesos ($1.39) each, Reginaldo Cariaso, chief operating officer of the deal’s underwriter, BPI Capital Corp, told Reuters.

The company operates one of the Philippines’ two oil refineries and competes with petroleum retailers such as Petron Corp (PCOR.PS) and the local affiliate of Chevron Corp (CVX.N).

Reporting by Neil Jerome Morales; Editing by Vyas Mohan

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