MANILA – Cebu-based retail company, Metro Retail Stores Group Inc (PSE:MRSGI) raised Php3.61 billion from its initial public offering (IPO) at the Philippine Stock Exchange on Tuesday.
Metro Retail Stores Group is now listed under the stock symbol “MRSGI” following the listing ceremony last Tuesday, the Philippine Stock Exchange has announced.
Metro plans to use the proceeds of its IPO to pursue its growth strategy of establishing more stores across the country and starting a consolidated logistics and distribution center in Cebu.
“The inspiring story of a family business turning into a big retail store operator, and now a publicly-listed company is an aspiration for many family-owned enterprises. The PSE is hopeful that many will follow the path taken by Metro Retail Stores Group, Inc. in deciding to open their company to a wider investor base,” PSE Chairman Jose T. Pardo said in his welcome remarks during the ceremony. – BusinessNewsAsia.com