Rustan's unit files for IPO; eyes retail expansion
MANILA, Philippines – Store retailer SSI Group Inc. has filed a registration for an initial public offering (IPO) to raise funds for its expansion in the country.
SSI, which includes Stores Specialists Inc., is seeking approval to offer new common shares to be issued and offered by the company on a primary basis and existing common shares to be offered by certain selling shareholders of SSI pursuant to a secondary offer.
SSI president Anton Huang said the proceeds of the planned IPO will be used to expand its international brand portfolio and retail presence in the Philippines.
The proceeds will also support the expansion of its convenience store network FamilyMart and mid-market department store Wellworth.
SSI is developing, managing and operating FamilyMart convenience stores, a joint venture with Ayala Land, Inc., Japan FamilyMart and Itochu Corporation of Japan.
SSI also recently opened its first Wellworth Department Store under a joint venture with Ayala Land.
As of June 2014, SSI has 655 retail locations in 68 malls throughout the Philippines.
“With this planned IPO, we expect to be able to offer more global brands in more locations and make shopping convenient and easily accessible,” Huang said.
SSI retails 103 international brands including Hermès, Prada, Gucci, Burberry, Salvatore Ferragamo, Lacoste, Michael Kors, Kate Spade, Gap, Old Navy, Zara, Stradivarius, Bershka, Aeropostale, Samsonite, Nine West, Payless Shoe Source, Beauty Bar, Marks and Spencer, Pottery Barn and TWG, amongst others.
BPI Capital Corporation, Credit Suisse (Singapore) Limited and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch will be the joint global coordinators and bookrunners of the planned IPO.
SSI was established in 1987 to operate the Rustan’s Group’s specialty retail operations.