Coco product firm sets lower per share price for IPO
Leading integrated coconut product manufacturer and exporter Axelum Resources Corp. has fixed the price of its initial public offering (IPO) at P5 per share.
The final offering price was disclosed to the Philippine Stock Exchange on Friday, Sept. 20.
By further lowering the IPO price from the earlier maximum price of P5.72 per share, the company seeks to attract more investors .
With the upcoming IPO, Axelum will be the first purely coconut product manufacturer to list on the stock market.
It was originally planning to sell as much as 700 million primary common shares plus 430 million existing common shares or part of the shares held by Singaporean private equity firm CP Compass Singapore Pte. Ltd. The company has yet to announce the final number of shares to be sold.
The offering will run from September 24 until September 30, with the target listing date on October 7 under the trading symbol AXLM.
The main production facility of Axelum is located in Medina, Misamis Oriental. It also owns, through foreign subsidiaries, two distribution facilities in the United States and Australia. Its products are exported to and distributed to markets around the world such as the United States, Canada, Australia, New Zealand, Eastern Europe, Europe, Middle East, Japan, and some countries in Asia./TSB