PSE, SEC ok P384.8 M IPO of Kepwealth Property

Grabbed from company website

MANILA, Philippines  – The Philippine Stock Exchange (PSE) and Securities and Exchange Commission have approved a P384.8 million stock debut planned by niche property developer Kepwealth Property Phils. Inc. (KPPI), the first initial public offering slated in the local market this year.

Based on an offering circular posted by the PSE, KPPI will list on the small, medium and emerging board of the local bourse.

It will offer by August up to 67.03 million primary common shares or about a third of the company’s post-IPO float to the public for up to P5.74 per share.

Proceeds from the offer will be used to fund key property acquisitions for leasing purposes.

The IPO is estimated to give the company a market capitalization of as much as P1.15 billion.

BDO Capital & Investment Corp. was mandated as the lead underwriter, sole issue manager and sole bookrunner.

The plan is to finalize the price by Aug. 1 and launch the offering from Aug. 5 to 9.

Listing on the exchange is tentatively set on Aug. 19. /gsg