The Securities and Exchange Commission has approved the P242-million initial public offering of green building developer Italpinas Development Corp.
Documents filed with the SEC showed Italpinas would offer up to 57.662 million common shares, at a price of P4.20 apiece.
Italpinas plans to use proceeds from the IPO to finance capital expenditures for the new projects, land banking, acquisitions and repayment of existing loans.
The shares, representing 26 percent of the company’s total authorized capital stock, will be listed under the SME board of the Philippine Stock Exchange.
The offering period is set on Nov. 3 to Nov. 9, while the listing date is tentatively scheduled on Nov. 16.
The company hired Unicapital Inc. as the underwriter for the maiden share sale.
Italpinas, which was incorporated in 2009, has already completed the first tower of its first project, the twin-tower Primavera Residences in Cagayan de Oro City.
The company said it planned to acquire land in Lipa, Batangas; Dumaguete, Negros Oriental; and Iloilo. It also commenced negotiations over prospective sites in Subic Bay Freeport Zone, Cagayan de Oro and Sto. Tomas, Batangas.
Italpinas earlier said it planned to develop at least $200 million worth of sustainable projects in six years, which would range from mixed-use buildings to condotels, hotels, resorts and beach-mixed communities all over the country and in other Asean countries.
Meanwhile, the SEC also approved the P2-billion preferred shares issuance of Phoenix Petroleum Philippines Inc.
Under the plan, Phoenix Petroleum will issue 20 million preferred shares at an offer price of P100 per share to fund the construction of 80 retail stations nationwide and development of storage facilities in Cebu and General Santos.
The company tapped Penta Capital & Investments Corp., Multinational Investment Bancorporation and AB Capital and Investments Corp. as the joint lead underwriters for the offering.
Phoenix Petroleum is primarily engaged in the business of trading refined petroleum products, lubricants and other chemical products, operation of oil depots and storage facilities and allied services.
Its operations started in Southern Mindanao and expanded to Luzon and the Visayas.
