SEC okays another IPO, leaves 7 more pending
The Securities and Exchange Commission (SEC) has approved another initial public offering (IPO) on Friday which involves the 242-million planned maiden share sale of property developer Italpinas Development Corp. (IDC), leaving only seven pending IPOs at the corporate regulatory watchdog’s table.
On Friday, SEC Commissioners already gave their go signal to IDC’s IPO application where the company intends to sell as much as 57.622 million primary common shares at a maximum price of 4.20 per share.
The company’s prospectus filed with the SEC showed it is planning to use bulk of the proceeds from the offer for its new projects, while the rest will be for land banking and acquisition, retirement of existing obligations and loans, and general working capital.
The proceeds, according to IDC, will be disbursed mostly within the second half of next year.
Supposedly, the company was planning to do the share sale on July 27 to 31 but since it took a while before the SEC gave its approval on the IPO, the company was forced to move its target offer period date on November 3 until November 9.
The new target date for the company’s official listing on the Small, Medium and Emerging Board of the Philippine Stock Exchange (PSE) is on November 16
In October, two of this year’s biggest IPOs, which belong to construction firm Datem Inc. and Metro Retail Stores Group Inc., have also been given a go signal to proceed.
If all of these SEC approved IPOs will proceed in 2015, the number of IPOs that have actually pushed through within this year will be around five.
Only two companies have so far debuted on the stock exchange since January this year — Crown Asia Chemicals Corp. and SBS Philippines Corp.
As of now, the pending IPOs in the SEC stand at seven which includes the newly filed 1.51-billion IPO application of TVI Resource Development Philippines, Inc. (TVIRD).
Before this, two applications have recently been filed as well involving the IPOs of Philippine Primark Properties, Inc. and Pointwest Technologies Corp., which intend to separately raise a combined amount of 4.5 billion.
Other IPO hopefuls are D.M. Wenceslao & Associates, Inc. ( 21.7 billion); Gweilo Corp. ( 95 million); Philstocks Financial, Inc. ( 190 million); and Green Power Panay Philippines, Inc. ( 290 million).
Gweilo Corp., who already got an approval from the SEC, is still waiting for PSE’s go signal for its 75-million share sale.