Puregold Price Club is planning to raise up to $290 million in an initial public offering (IPO), Reuters reports. The company plans to sell up to 600 million common shares at up to $ 0.42 each, with another 90 million shares earmarked for a greenshoe option.

The Philippine hypermarket and supermarket chain appointed HSBC and UBS as international lead managers, while BDO Capital & Investment and First Metro Investment are the domestic lead managers for the share sale. The IPO was initially planned for March but was delayed due to market conditions.

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