SEC OKs P1.44-B IPO of Iloilo’s Ace Medical

The Securities and Exchange Commission has approved a plan by hospital operator Allied Care Experts (Ace) Medical Center Iloilo Inc. to raise as much as P1.44 billion from an initial public offering (IPO).

Based on the prospectus cleared by the SEC, Ace Medical plans to offer as much as 36,000 primary shares at a maximum price of P40,000 each.

Proceeds will be used to build a nine-storey 200-bed tertiary hospital in Jaro, Iloilo City.

The 36,000 primary shares to be offered to the public will be sold in blocks of 10 shares each. Each block will be offered at a minimum of P250,000 to as much as P400,000.

This suggests that the price per share of Ace Medical will be between P25,000 and P40,000 .

The net proceeds are estimated at up to P956.93 million, 40 percent of which will be used to construct the new healthcare facility.

Some 30 percent will be used to procure medical equipment while 20 percent will be for pre-operating expenses.  The rest will go to hospital/office furnishing and other professional fees.

Incorporated in 2014, Ace Medical is led by its chairman Amado Manuel Enriquez Jr. and president Ferjenel Biron./lb