Pepsi’s Philippine Franchisee Sets Share Sale Price At Low End

Bloomberg:

Pepsi-Cola Products Philippines Inc., local bottler of the world’s second-largest soft-drink maker, set its initial public offering price at the low end of its range, raising 4 billion pesos ($98 million) for itself and selling shareholders.

The company and 2 shareholders sold 1.14 billion shares, or 31% of expanded capital, at 3.50 pesos a share, said Ed Francisco, president of BDO Capital & Investment Corp., which is managing the sale.

The company earlier this month said the shares would be sold for 3.50 pesos to 4.30 pesos a share. In August, it said 6.04 pesos a share. The Philippine Stock Exchange Index has fallen 13% this year as U.S. subprime mortgage defaults influenced financial markets, prompting some investors to sell emerging-market assets.