• Chelsea sets IPO price at P10.68

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    SOON to be listed Chelsea Logistics Holdings Corp. has set its initial public offering (IPO) price at P10.68 per share, issue manager BDO Capital and Investments Corp. said.

    “At such price, the book will be sufficiently covered and the shares of Chelsea Logistics will have a lot of room for upside in the equities market,” BDO Capital President Eduardo Francisco said.

    “The shipping and logistics industry plays a vital role in boosting trade and commerce within the Philippines and among countries. That makes Chelsea Logistics a sound and fulfilling investment,” he said on Thursday.

    Chelsea registered over 546 million common shares with the Securities and Exchange Commission (SEC) for the IPO. The offer shares will account for 30 percent of the 1.82 billion outstanding common shares of the company.

    The offer period will run from July 24 to 31 and the shares will be listed on the local bourse on August 8.

    “Chelsea Logistics has received strong interest from institutional investors and continues to attract more, as it proceeds with its initial public offer of common shares,” Francisco said.

    The IPO proceeds will be used for fleet expansion, the purchase and upgrade of ports, port facilities, containers, machinery, equipment, and acquisition of other shipping and logistics firms.

    “As a group, Chelsea is well positioned to capitalize on the exciting prospects of the shipping and logistics industry,” Francisco said.

    Chelsea is one of the logistics units of Dennis Uy-led Udenna Corp. The other is 2GO Group, Inc. which was acquired by the company last March.

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