PSE oks P2.37B IPO by Concepcion Industrial Corp.

THE MULTI-AWARDED Concepcion-Carrier Air Conditioning Company plant.

MANILA—The Philippine  Stock Exchange has approved an initial public offering  by airconditioning, refrigerator and freezer manufacturer Concepcion Industrial Corp. worth as much as P2.37 billion by November.

According to a PSE memorandum, CIC plans to offer up to 74.965 million shares for up to  P31.45 per share.  The bulk of the initial public offering (P2 billion or about 85 percent) will consist of secondary shares to be unloaded by the following shareholders: Concepcion Holdings Inc., Hy-Land Realty and Development Corp and Horizons Realty.

There will be an overallotment option of up to 11.24 million shares worth up to P353.62 million that can be added to total IPO size.

The offering is targeted to be priced by Nov.8 while the domestic offering will run from Nov. 13 to 21.  The listing on PSE’s main board is targeted for Nov. 27.

Originally posted at 4:46 p.m.