Broker Philstocks files for P185-M IPO

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Stock brokerage firm Philstocks Financial Inc., formerly Accord Capital Equities Corp., is filing for an initial public offering to raise P185.89 million to finance the upgrade of its online trading platform.

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In a registration filing with the Securities and Exchange Commission (SEC), Accord Capital said it is offering up to 98.88 million common shares, priced at up to P1.88 each.

The final offer price will be determined on August 3, while the offer period will run from August 10 to 14. The company expects to list its stock on the Small, Medium and Emerging Board of the Philippine Stock Exchange on August 24.

The net proceeds of P167.51 million from the offer—after listing-related expenses and taxes —will be used in margin financing purposes (P50 million); expan sion of existing IT infrastructure and software development (P40 million); acquisition of marketable securities (P30 million); general working capital (P17.51 million); branch expansion (P15 million); and for advertising, marketing, acquisition and promotions purposes (P15 million).

Upon listing, Philstocks’ total market capitalization will grow to P702.89 million, while total outstanding shares will increase to 373.88 million from the current 275 million.

After the offering, 26.4 percent of the company’s equity will be owned by the public, 70.34 percent will be held by Paul Wee and Pleshette Wee, while other minority shareholders will have 3.26 percent.

Unicapital Inc. has been appointed sole issue manager and underwriter of the issue.

Incorporated in September 2001 and formerly known as Accord Capital Equities Corp., Philstocks is a full service brokerage firm that also operates an online brokerage portal, www.philstocks.ph. The company is offering three services: online stock trading, broker-assisted trading and stock certificate lodgement.

In 2014, the company’s net income rose to P1.9 million from P1.4 million the previous year, despite a drop in revenue to P47.6 million from P57 million.

This year, the PSE expects nine to 10 companies listing in the exchange.

Aside from IDC, the anticipated listings for 2015 include: the IPOs of Pro-Friends or Company of Friends Inc. (P7.7 billion), Gweilo Corp. (P95 million), Green Power Panay Philippines Inc. (P290 million), SBS Philippines Corp. (P1.15 billion) and Italpinas Development Corp. (P242 million); as well as the backdoor listing of National Book Store Inc. via Vulcan Industrial Mining Corp, and LBC Development Corp. via Federal Resources Investment Group Inc.

Of the five anticipated IPOs this year, only Gweilo has secured an approval from the SEC while the others are still waiting for regulatory approvals.

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