More IPOs in the pipeline this year
More initial public offerings are in the pipeline this year, a welcome change for investors amid a dearth of fund-raising activities in the stock market.
The Securities and Exchange Commission (SEC) has given the green light to three more members of the Allied Care Experts (ACE) Medical Group to raise as much as P1 billion each in three separate IPOs.
In its meeting on June 27, the SEC’s commission en banc approved the registration statement of Allied Care Experts (ACE) Medical Center Gensan Inc. for 228,000 shares.
The SEC also approved the registration statements of ACE Dumaguete Doctors, Inc. for 186,000 shares and ACE Medical Center Bohol Inc. for 180,000 shares.
The registration statements cover common shares for IPOs as well as issued and outstanding founder’s shares and issued and outstanding common shares with par value of P1,000 a piece.
It expects to raise P987 million from the maiden offering, proceeds of which will be used for the construction of a new medical facility as well as pre-operating expenses and working capital.
ACE Center- Gensan will construct a six-story, 200-bed hospital in Barangay Lagao, General Santos City starting August, envisioned to be a Level 2, multidisciplinary specialty medical facility.
It expects to raise P987.8 million in net proceeds to be used for loan payment, pre-operating expenses, hospital equipment and fixtures, construction and land improvements.
ACE Dumaguete Doctors, for its part is building a Level 2, eight-story, 100-bed hospital in Cimafranca Subdivision, Daro, Dumaguete City. The hospital is already 94.06 percent constructed and slated for inauguration before the yearend.
Another one, ACE Medical CenterBohol will also do an IPO covering an offering of 30,000 common shares to the public in three equal tranches priced at P250,000, P350,000 and P400,000 for every block of 10 shares.
Net proceeds of P987.9 million would be used for proceeds for loan payment, medical equipment, additional working capital, construction, architect and professional fees, land improvement and furnishing.