initial public offerings

Meat vendor North Star files for P4.5-billion IPO

Ralf Rivas
Meat vendor North Star files for P4.5-billion IPO

North Star Meat Merchants

North Star Meat Merchants, whose partners include SM Markets and Waltermart, is raising P4.5 billion to expand its operations

MANILA, Philippines – Meat vendor North Star Meat Merchants is aiming to raise P4.5 billion through an initial public offering (IPO).

North Star on Tuesday, March 22, filed with the Securities and Exchange Commission its registration statement for the offer and sale of 360 million primary shares and 32 million secondary shares, with an overallotment option of up to 58 million shares. Shares will be offered at a price of up to P10 each.

The company plans to run the offer period in June, and targets to list on the Main Board of the Philippine Stock Exchange before the end of the first half of 2022. 

North Star, which will have a stock symbol of NSTAR, aims to use the funds to “accelerate the expansion of its end-to-end cold chain infrastructure and operations.”

“In addition, the company is looking to expand their financial muscle in order to keep up with the growth of their key retail partners SM Markets and Waltermart Group, and prepare for future potential retail partners.”

Anthony Ng, North Star’s 42-year-old founder and chief executive officer, said, “With increasing demand for fresh and frozen protein, we are keen on accelerating the growth and reach of the company to consistently provide safe, quality, and affordable meat for everyone.”

BDO Capital and Investment Corporation is the sole issue manager, and together with China Bank Capital Corporation, will act as joint lead underwriters and bookrunners for the IPO.

Eduardo Francisco, president of BDO Capital, expects strong interest in the IPO “given North Star’s unique focus on the country’s meat sector and food security, its established and long-standing relationships with retail giants such as the SM group, and its unmatched scale of operations.” – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.