The Securities and Exchange Commission has approved an initial public offering of Ayala-led Integrated Microelectronics Inc. worth about P3 billion and the planned P4.6-billion follow-on offering of restaurant chain Max’s Group Inc.
Based on SEC documents, IMI was granted the approval to register and offer to the public as much as 300 million shares at up to P10 per share. The base offering consists of 215.5 million primary common shares but IMI has the option to increase it by 85 million shares.
In a separate circular from the PSE on Friday, it was stated that IMI’s offering would run from Nov. 24 to 28 while listing on the PSE is targeted by Dec. 5.
About P1.1 billion of the net proceeds, based on the documents, will be used for the maintenance of IMI plants in Bulgaria, China, Czech Republic, Mexico and the Philippines. Some will be used to expand facilities in Jiaxing and Bugaria, and the machinery expansion in its Philippine facility.
BPI Capital Corp. was mandated as issue manager for this transaction.
IMI is one of the leading worldwide providers of electronics manufacturing services (EMS) and power semiconductor assembly and test services.
In the meantime, the Max’s Group plans to sell 155.93 million to 300 million common shares at a maximum price of P21.75 per share.
The company told the Philippine Stock Exchange yesterday that it had not set a minimum price as the final price could only be determined after the book-building process.
“The offering will generate up to P4 billion in proceeds and another P600 million should the over-allotment option be exercised,” the company said.
Based on SEC documents, about 16.95 million to 34.11 million common shares will be new shares to be issued out of authorized capital while the rest will be secondary shares to be placed out by the controlling group. This will bring to public hands about 21.3 percent of the company after the equity deal.
The bulk of the proceeds from the secondary component amounting to P3 billion will be used to repay debt incurred in connection with the acquisition of a controlling stake in Pancake House. Doris C. Dumlao