Villar firm sets IPO price at P10.50/share
THE VILLAR family’s cemetery business unit, Golden Haven Memorial Park, has priced its initial public offering (IPO) at P10.50 per share for a bite-sized stock market debut of P778.23 million.
Based on a disclosure to the Philippine Stock Exchange (PSE) yesterday, Golden Haven’s final price per share for the IPO was lower than the maximum price set earlier of P10.62 per share.
The PSE approved the IPO earlier this week. The firm was granted the authority to sell up to 74.117 million new common shares, to bring 15 percent of its shares to public hands.
Asian Alliance Investment Corp. is the issue manager and sole underwriter for this offering, which will run from June 16 to 22.
Golden Haven will be listed on the main board of the Philippine Stock Exchange on June 29.
Proceeds from the IPO will be used to develop the company’s land in Cebu, Iloilo, Cagayan de Oro, Zamboanga, Bulacan and San Exekiel, Las Piñas. Portion of which will also be used for the acquisition of land in Iloilo, Bambang (Nueva Vizcaya) and San Fernando, Pampanga.
Golden Haven plans to undertake land and site development of underdeveloped areas in existing memorial parks, pursue more land acquisition as well as construct new memorial chapels and crematory facilities within the Golden Haven Las Piñas Park.
Market capitalization is estimated to reach P5.19 billion upon listing.
Golden Haven was established in 1984. It is majority-owned by Fine Properties, a holding and investment firm owned by the family of former Sen. Manuel B. Villar. Fine Properties is likewise the majority shareholder of leading homebuilder Vista Land & Lifescapes.Doris Dumlao-Abadilla
