IDC sets preferred share offering

Property developer Italpinas Development Corp. (IDC) is planning to raise funds via a preferred share offering.

IDC, in a filing in the Philippine Stock Exchange, said it was moving forward with a public offering involving 33.33 million preferred shares and an over allotment option for another 10 million shares. It said a registration statement had been filed in the Securities and Exchange Commission.

The company, led by CEO Romolo Nati, said the shares would be priced at up to P15 apiece, meaning it can raise as much as P650 million. It said the terms of the share sale had yet to be finalized.

IDC has either completed or started residential projects in Cagayan de Oro and Batangas.

Its first project was Primavera Residences in Cagayan de Oro, a mixed-used condominium which was finished in 2012.

A similar project called Primavera City in Cagayan de Oro is ongoing. In Batangas, the company is building the two-tower Miramonti. In its first quarter 2019 filing, IDC said it was expecting to generate P1.2 billion in sales from Primavera City and P1.6 billion from Miramonti.

IDC reported a net income of P9.2 million in the first quarter of the year, up 119 percent from a year ago.