San Miguel Food and Beverage Inc. said Oct. 18 that it is looking to sell 522,965,980 shares that range between 85 and 95 Philippine pesos apiece, below its previous announcement of 1,020,050,000 shares with a maximum price of 140 pesos each.

According to a filing to the Philippine Stock Exchange, the unit of Philippine conglomerate San Miguel Corp. said the number of shares excludes an overallotment option of up to 15% of the offering.

The company added that it will announce the final pricing Oct. 25 and that the settlement and delivery of shares will be Nov. 12.

J.P. Morgan Securities PLC, Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore Branch will act as joint global coordinators on this offering, with Deutsche Bank AG Hong Kong Branch and Goldman Sachs (Singapore) Pte. as joint book runners.

San Miguel will use the proceeds from the share sale to invest in its business, the filing said.

As of Oct. 17, US$1 was equivalent to 53.92 Philippine pesos.