Tagum hospital sets P1-B IPO
Hospital operator Tagum Global Medical Center plans to raise as much as P1 billion from the sale of new shares to the public, in order to complete construction of a 179-bed hospital in Tagum City, Davao del Norte.
In a registration statement filed with the Securities and Exchange Commission, Tagum Global plans to sell shares in 3,600 blocks consisting of 10 shares per block at an offer price ranging from P200,000 to maximum of P400,000 per block.
The intended market for the initial public offering (IPO) is mostly medical specialists and individuals related to medical specialists. The offer shares will be traded over the counter via the company’s bookkeeper, Amerisa Anonas Anib.
Tagum Global is one of the hospitals under the fast-growing Allied Care Experts (ACE) Medical Group.
Subscription to the offer shares is a prerequisite for physicians and medical specialists to practice at this hospital. Such stockholders, however, must undergo a screening process and possess the minimum requirements provided in the company’s articles of incorporation, bylaws and internal rules.
Based on its registration statement dated Jan. 27., Tagum Global is building a tertiary medical center on a 5,000-square meter lot in Barangay Visayas Village, Tagum City.
Tagum Global plans to offer blocks of shares in tranches, through a series of offerings at an offer price in progressive amounts.
The first 1,400 blocks will be sold at P200,000 per block, the next 600 blocks at P250,000 per block and another 700 blocks at the price of P300,000 per block. The next 900 blocks will be sold at the price of P400,000 per block.
Proceeds will be used for the construction and development, medical equipment and pre-operating expense of the hospital in Tagum.
Tagum Global was founded by a group led by a doctor, Amado Manuel Enriquez Jr., who believes in “empowering doctors to build, own and manage their own hospitals since they understand the needs of their patients better.”
In February 2018, the company broke ground for a nine-story medical facility, the tallest in the city of Davao del Norte.
The ACE Group of hospitals are located natinwide- 14 in Luzon, 10 in Visayas and six in Mindanao.
