Datem readies IPO, seeks to raise P4.7B for ventures
Construction firm Datem Inc. has filed an application with securities regulators to raise up to P4.66 billion from an initial public offering (IPO), to bankroll its construction, housing and bulk water ventures.
In a statement, Datem said it 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 a share.
The proposed IPO will consist of a base offer of up to 286.13 million shares and an option to upsize by 42.92 million shares in case of excess demand.
BPI Capital Corp. and First Metro Investment Corp. were named joint issue coordinators, lead underwriters and bookrunners for the planned IPO.
The company, which is based in Quezon City, 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,” he said.
Diversifying from its construction and engineering roots, Datem recently entered the housing sector through subsidiary Datem Homes Inc., which focuses on the delivery of what the company describes as “well-planned” communities and “top quality” affordable homes. Datem Homes has pipeline projects in Rizal and Davao.
Datem has also ventured in bulk water supply and wastewater treatment services though Datem Water Inc., which has a 15-year bulk water supply contract with Metro Kalibo Water District.
In the construction business, Datem said it had sought to distinguish itself from competitors with its adoption and utilization of leading-edge technology alongside continuous innovation of construction methodologies.
“Because of its multi-disciplinary approaches, the company is now regarded as a leader in construction and pre-cast technology. Coupled with the experience and training of highly skilled construction professionals, we are able to provide a unique brand of value-engineered services for our clients,” said Morris Agoncillo, vice president for engineering and one of the founders of the company.
Among Datem’s landmark projects is luxury residential tower Discovery Primea along Ayala Avenue. Datem also built the plush resort property Discovery Shores in Boracay, which has won numerous awards in the tourism industry. It was also the contractor for the Mind Museum, the Philippines’ first world-class science museum and a LEED Gold-certified building for design and construction.
“Our strategy is to take advantage of our strong market position and technological expertise. As we capitalize on the growth potential of the construction industry, we are also undertaking expansion activities in housing development and bulk water services where our technological capabilities can be applied. With this vision, the company will continue to play a leading role in delivering quality infrastructure, housing and commercial projects for clients, and contribute to the growth of the Philippine economy,” Espiritu said.
