The Philippine Stock Exchange (PSE) approved the P2-billion initial public offering (IPO) of medical equipment distributor Medilines Distributors.

Medilines is offering 850 million primary and secondary shares at a maximum price of P2.45. The final price has yet to be determined.

The company’s public offering will run from November 22 to 26.

It will trade under the symbol MEDIC once it lists on the PSE’s main board on December 7.

Proceeds from the offer will be used to boost its medical consumables inventory, working capital for procurement of products, and to repay debt.

“The healthcare industry has been in the spotlight since this pandemic broke out. We are pleased to see a company in this space tap the stock market for capital raising,” said PSE president and chief executive officer Ramon Monzon.

“We are hopeful that this IPO will pave the way for other companies in this sector to seek funding from the equities market.”

Medilines, led by tycoon Manny Villar‘s brother Virgilio Villar, was founded in 2002. It distributes medical devices, including diagnostics imaging, dialysis, and cancer therapy equipment. – Rappler.com