Supermarket chain Puregold Price Club Inc. will make its trading debut on the Philippine Stock Exchange (PSE) on Wednesday under the symbol “PGOLD” after becoming the second company to complete its initial public offering for 2011 despite a new round of volatility that hit global markets.

The company sold 500 million primary shares and 100 million secondary shares to raise P7.5 billion, the proceeds of which will be used to build more stores and pay debts. The shares were offered to investors at P12.50 each.

An over-allotment option could add another P1.125 billion to the offer. Should the greenshoe option be exercised, the offer shares would represent 34.5 percent of the company’s outstanding stock.

The company’s international offering was three times oversubscribed, with investors including sovereign wealth funds, international underwriter UBS AG said earlier. The local offering was also “fully covered” BDO Capital and Investment Corp. said last week.

The bulk of the proceeds would be used to expand its store network outside Metro Manila and Luzon. Some  P2.25 billion would be set aside to pay off debts to China Banking Corp., Metropolitan Bank and Trust Co. and Banco de Oro Unibank Inc.

Puregold earlier laid out plans to almost double its store network to 150 outlets by 2013.

Megawide Construction Corp. became the first company to hold an IPO this year when it held its P2.3-billion initial share sale in February.   

Electronics maker Cirtek Holdings Philippines Corp. had already announced the deferral of its P660-million IPO, while SMC Global Power Holdings Corp. expects to decide by the middle of this month whether it will proceed with its up to P36.9-billion initial share sale within 2011.  

Cirtek deferred its maiden share sale scheduled this month owing to market conditions, the PSE said in a memorandum, citing a letter from issue manager BDO Capital & Investment Corp.

The PSE Index decreased 0.9 percent to 3,829.92 on Tuesday for a second day of losses.