THE SECURITIES and Exchange Commission has approved a plan by real estate developer Italpinas Development Corp. to raise as much as P242.18 million from a stock market debut.
Based on documents from the SEC, Italpinas plans to offer 57.622 million primary shares for up to P4.20 per share. This will bring to public hands about 26 percent of the company’s stock ownership.
Local investment house Unicapital Inc. is mandated as underwriter and issue manager. The initial public offering will still have to be approved by the Philippine Stock Exchange
The net proceeds will be used to boost capital expenditures for new projects, land banking and acquisition, retirement of existing obligations and for general working capital.
Italpinas’ first real estate project was Primavera Residences in Cagayan de Oro City, a twin-tower mixed-use development. The first tower was completed in 2012 and the second tower is set to be completed this 2015.
Its newest mixed-use project is Primavera City, which is also located in Cagayan de Oro.
The company is currently planning a pipeline of projects in diverse locations. it is in the process of acquiring a 1,796-square meter property located at San Rafael in Sto. Tomas, Batangas province, based on Italpinas’ registration statement. It also has a right of first refusal on an adjacent property with 5,347-square meters in land area.
Italpinas’ biggest shareholders are Jose Leviste Jr. (49.67 percent) and Romolo Nati (40 percent).