Property firm raising P8.4B through IPO follow-on

Property developer Sta. Lucia Land Inc. is planning to raise as much as P8.4 billion from a follow-on or re-initial public offering (re-IPO) of shares this November.

Sta. Lucia has filed with the Securities and Exchange Commission a prospectus for the offering of up to 2.7 billion primary shares plus an extra allotment of up to 300 million shares in case of excess demand.

The shares will be offered for at least P2.26 to as much as P2.80 per share and listed on the main board of the Philippine Stock Exchange, based on the prospectus dated Aug. 22.

The fresh capital will be used to fund expenditures for ongoing projects, strategic land banking and other general corporate purposes. The company will not use any of it to repay debt.

China Bank Capital was mandated to underwrite the offering./TSB