PSE OKs North Star Meat’s IPO

MANILA, Philippines — North Star Meat Merchants Inc., a pork and meat vendor, has received the green light from the Philippine Stock Exchange (PSE) to proceed with its initial public offering (IPO).

Founded by businessman Anthony Ng, North Star will offer up to 369 million primary shares and 32 million secondary shares with up to 58 million over-allotment option shares at a price of up to P10 per share.

According to its registration statement, the company will conduct its IPO from June 13 to 17 with a target listing date on June 24.

PSE president and CEO Ramon Monzon welcomed the upcoming inclusion of North Meat to the local bourse’s roster of members.

With the food sector as a major driver of growth, the prospects of North Star are rosy, Monzon said.

“Domestic consumption is expected to remain among the drivers of the country’s post-pandemic economic recovery, with the food sector among the primary industries that will benefit from a resurgence in consumer spending. This environment is ideal for companies like North Star Meat Merchants, which is looking to raise funds for expansion,” the PSE chief said.

North Star will utilize the capital raised from its IPO to expand its cold chain infrastructure, improve its operating cycle efficiencies and expand its product lines and research and development work.

Aside from advancing its expansion plans, North Star looks to further strengthen its presence in the cold chain solutions sector by creating synergies with public entities, such as the Department of Agriculture (DA).

The strategic partnership with the DA allows for a contract growing arrangement with small-sized pig farmers by North Star.