ORCA Cold Chain Solution Inc., a pioneering cold storage company owned by businessman Michael Cosiquien, plans to raise up to P1.5 billion through an initial public offering scheduled in November.
ORCA, based on a registration statement filed with the Securities and Exchange Commission Thursday, will sell up to 1.48 billion common shares with 222 million in over-allotment shares at a maximum price of P0.88 apiece.
ORCA plans to use the proceeds to expand existing facilities to accommodate other value-added services, develop new cold storage facilities and new business initiatives, and general working capital.
The company has two operating facilities with a combined capacity of 34,342 pallet positions, equivalent to over 34.3 million kilograms. These are located in Barangay Bagumbayan, Taguig, and Barangay Poblacion, Caloocan.
ORCA plans to offer the shares from October 20to 24 and list them on November 3. The shares will be listed on the Small, Medium and Emerging Board of the Philippine Stock Exchange.
