Local bourse approves 3 more IPOs for 2015
The Philippine Stock Exchange (PSE) has approved the initial public offerings (IPO) of three companies valued as much as P23.7 billion, signaling continued interest by firms to list in the local bourse.
PSE said in a statement that the three companies were real estate developer Italpinas Development Corp. and construction firms Datem Inc. and D.M. Wenceslao and Associates Inc., which will hold their IPOs in 2015. This follows the listing of Crown Asia Chemicals Corp. and SBS Philippines Corp., which went public last April and August, respectively.
“We are pleased that three more companies are set to be listed on the exchange before the year ends, bringing us around the P200-billion capital raising level this year,” PSE President and CEO Hans B. Sicat said.
Based on the offering memorandum, Italpinas will be the first among the three companies to make a stock market debut.
The property developer intends to raise as much as P242.18 million from its maiden offering, which will run this November. Meanwhile, Datem and D.M. Wenceslao plan to raise up to P4.65 billion and as much as P18.88 billion, respectively, from their IPO listing set in December, the PSE said.
Datem and D.M. Wenceslao will be listed on the Main Board of the exchange while Italpinas will be the third to list on the SME Board of the PSE since 2014.
“We believe this series of offerings should be welcome news to investors and the capital market in general,” Sicat said.
“This signals the ability of the Philippine market to offer a wide range of transactions even amid some financial volatility in other parts of the world. We hope this will encourage more potential issuers to tap the stock market for their funding requirements,” he added.
The PSE said the IPO schedule of these companies could be found at the PSE EDGE website apart from detailed information such as the prospectuses that will also be made available in accordance with their listing timeline.
“We encourage all investors to go through the information statements carefully to help them in their investment decisions,” Sicat said.
