Construction firm DATEM seeks P4.7B IPO

CONSTRUCTION firm DATEM Inc. has filed an application with securities regulators to raise up to P4.66 billion from an initial public offering (IPO), aiming to raise fresh funds for its construction, housing and bulk water ventures.

In a press statement, DATEM said it had filed on Thursday a registration statement with the Securities and Exchange Commission and a listing application with the Philippine Stock Exchange Inc. for the public offering of up to 329.05 million common shares for up to P14.15 per share.

The proposed offer will consist of up to 286.13 million in base offer and an option to upsize by 42.92 million shares in case of excess demand.

BPI Capital Corp. and First Metro Investment Corp. have been mandated as joint issue coordinators, joint lead underwriters and bookrunners for the proposed IPO.

Subject to regulatory approvals, the company aims to list shares on the PSE by the end of November 2015.

“This is a milestone for DATEM and everyone working with the company,” DATEM president Levy Espiritu said.

“DATEM has, over its 30-year existence, successfully established itself as a reliable and reputable constructor and has developed a wide range of residential and commercial projects for various clients. The company is geared for bullish growth in the construction industry and in its subsidiary businesses,” Espiritu said.