The Keepers Holdings, Inc. on Friday raised P4.5 billion from its follow-on offering that drew local small investors in an oversubscribed capital raising for the owner of three local liquor companies.
During the listing ceremony, Philippine Stock Exchange President and Chief Executive Officer Ramon S. Monzon said The Keepers Holdings attracted interest because of its “strong growth prospects.” The Keepers Holdings’ follow-on offering was oversubscribed by about 3.36 times.
Mr. Monzon cited the company’s move from a shell company to become a holding firm with three subsidiaries to form a liquor business.
On June 18, The Keepers Holdings entered into a share-swap transaction in which its shares were swapped with shares held by Cosco Capital, Inc. in liquor, wine, and specialty beverage distribution companies Montosco, Inc., Meritus Prime Distribution, Inc., and Premier Wine and Spirits, Inc.
Mr. Monzon said the “20% tranche for the trading participants was likewise oversubscribed by 2.86 times, resulting in an oversubscription of 2.2 times for the company’s total offering of P4.5 billion.”
He commended The Keepers Holdings for allocating 5% of its offer shares to the local small investors, allowing 3,542 from Metro Manila, 66 from the provinces, and 22 from other countries to participate in the offering.
The Keepers Holdings President Jose Paulino L. Santamarina said the company “has brand leadership in 10 of the 12 key spirit categories,” and currently has diversified offerings as it has representations in the wine and specialty beverage products segment.
He said with the company’s network of more than 200 strong distribution partners coupled with its strong distribution synergies with the Cosco Capital, The Keepers Holdings “has covered all key distribution channels for the imported retail.”
The Keepers Holdings set the price of its three billion common shares at P1.50 apiece, the lowest end of its already discounted price range.
Shares in Keepers Holdings at the stock exchange on Friday fell by 86.82% or P11.13 to end at P1.69 apiece. — Bianca Angelica D. Añago