Axelum trims maximum IPO price to P5.72 per share
MANILA, Philippines – Leading integrated coconut product manufacturer and exporter Axelum Resources Corp. has trimmed the maximum price for its upcoming initial public offering to P5.72 per share, suggesting an equity deal of as much as P6.5 billion.
At the previous maximum price of P6.81 per share or up to P7.7 billion worth of equity sale, Axelum was valued at 21 to 22 times projected earnings.
“By updating the maximum offer price, we aim to optimize investors’ interest and appetite in our local stock market, include more investors while still maintaining funding for our strategic plans,” Axelum president Henry Raperoga said in a press statement on Monday.
Axelum plans to sell up to 700 million primary shares and up to 430 million secondary shares.
The final offer price will be announced on September 20.
The offer period will run from September 24 until September 30, with the target listing date on October 7. /gsg