Close  

SEC OKs IPO of coco producer, Villar-owned home improvement retailer

/ 03:46 PM August 19, 2019

The Securities and Exchange Commission (SEC) has approved an initial public offering planned by two companies – coconut product manufacturer Axelum Resources Corp. and Villar group-led home improvement retailer AllHome Corp. – worth a combined P28.4 billion.

In its August 19 meeting, the SEC en banc authorized Axelum to raise as much as P7.7 billion from the sale of a mix of primary and secondary shares. Including only the proceeds from the sale of primary and treasury shares that will flow into the company, Axelum can generate as much as P4.77 billion from this equity deal.

ADVERTISEMENT

Separately, All Home obtained clearance to raise as much as P20.7 billion, of which up to P12 billion will represent proceeds from the primary portion of the offering.

A prospective agri-business play, Axelum will offer 400 million treasury shares and 300 million new common shares along with 430 million existing common shares held by private equity firm CP Compass Singapore Pte. Ltd. The maximum offer price for Axelum is P6.81 per share.

First Metro Investment Corp. and BPI Capital Corp. act as joint lead underwriters for this transaction./TSB

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: companies, equity, initial, IPO, SEC, shares, Stock Market
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.