PSE okays thrift bank’s P4.25-B IPO, first for 2013
By Doris C. DumlaoPhilippine Daily Inquirer
MANILA, Philippines–The Philippine Stock Exchange has approved an initial public offering worth up to P4.25B by Philippine Business Bank, marking the first Philippine stock market debut for this year.
PBB, the thrift banking arm of the Zest-O group of businessman Alfredo Yao, is set to offer up to 101.33 million in primary shares to the public for as much as P41.94 per share, based on the offering circular released by the PSE. This will bring to public hands about 30 percent of the bank’s post-IPO capital.
The IPO pricing is set to be finalized by February 4 while the offer period will run from Feb. 6 to 12. Tentative listing date is on Feb 19.
The joint lead underwriters for the issuance are First Metro Investment Corp. and SB Capital Investment Corp.
Proceeds from the offering will be used to finance the bank’s lending activities and also to fund the acquisition of investment securities.
In addition, about P400 million will cover capital expenditure requirements in connection with its branch network expansion program, including the acquisition of new branch banking licenses, the development and implementation of IT (information technology) infrastructure and applications projects.
After the IPO, Yao (with 37.26 percent) and Zesto Corp. (with 25.17 percent) will remain as the key shareholders of PBB.
PBB is set to hold an investors briefing Friday 3 p.m. at Mandarin Hotel to discuss the offering.
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Tags: Banking , Business , IPO , News , PSE , Stock Market , thrift bank
