Real estate developer Italpinas Development Corp. is to acquire P242.18 million in its initial public offering (IPO) as authorized by the Securities and Exchange Commission (SEC) on Friday.
Italpinas plans to offer equities of up to 57.622 million priced at P4.20 per share, which is 26% of the green builder’s capital ownership, to be posted on the SME Board of the Philippine Stock Exchange (PSE).
The company appointed local investment firm Unicapital Inc. as its underwriter and issue manager. AB Capital Investments Corp., Multinational Investment Bancorporation, and Penta Capital & Investments Corp. were also asked to be the joint lead underwriters for the offering.
The IPO is still to be approved by the local bourse.
Offer period has been scheduled on November 3 until November 9. Listing date is set on November 16.
According to the documents received by the SEC, the proceeds from the property conglomerate’s IPO will be allocated for land acquisitions in Batangas, Negros Occidental, and Ilo-Ilo, as well as additional expenditures in the ongoing property negotiations in Cagayan de Oro and Zambales.
It also plans to spend $200 million on new land developments in six years including mixed-use commercial buildings, hotels, condotels, resorts, and beach communities nationwide and in the ASEAN region.
Along with the company’s future projects covered in its registration statement is a 20 million preferred shares with Phoenix Petroleum Philippines, Inc. at a P100 offer price per share, which will be used for construction of 80 retail stations and storage facilities in Cebu and General Santos.
Italpinas debuted with the Primavera Residences, dubbed as the ‘Twin Towers’ of Cagayan de Oro, that was built in 2009 with the towers separately completed in 2012 and 2015 respectively.
Italpinas’ latest mixed-use project, Primavera City, is a 70,000-sq.m eco-friendly condominium building also located in uptown Cagayan de Oro.
The real estate development firm, formerly known as Italpinas Euroasian Design and Eco-Development Corp., was incorporated in 2009 and is primarily engaged in the business of trading refined petroleum products, lubricants and other chemical products, operation of oil depots and storage facilities, and allied services.