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MANILA, Oct 23 (Reuters) - Philippine specialty retailer SSIGroup Inc priced its initial public offering (IPO) at the topend of its indicative range, allowing it to raise $166 millionin the country's third and biggest maiden share sale this year.
The offer price was set at 7.50 pesos ($0.1676), the highend of the 7.00-7.50 pesos guidance, Reginaldo Cariaso, chiefoperating officer of underwriter BPI Capital Corp, told Reuterson Thursday.
SSI had earlier cut its maximum IPO price from an initialguidance of 12.50 pesos per share.
"It was five to 10 times oversubscribed by foreign and localfund managers," Cariaso said.
SSI Group, which resells 103 international brands in thePhilippines and operates convenience stores through theFamilyMart chain, tapped HSBC, Credit Suisse(Singapore) Ltd, and BPI Capital to manage the IPO.
(1 US dollar = 44.76 Philippine peso) (Reporting By Neil Jerome Morales; Editing by RosemarieFrancisco)
