AFTER getting the go signal last week from the Securities and Exchange Commission (SEC) for its planned initial public offering (IPO), local construction firm Datem Inc. wants to push through with its IPO before the year ends.
Datem officials are looking at the first two weeks of December to launch the public offering if the stock market condition continues to improve.
“It should be this year,” Datem President Levy Espiritu told reporters in a briefing
Thursday. “We are targeting hopefully the first week of December, if the market is good, and we believe that is continuing to improve.”
“But it depends on the approvals,” he added. “We have gotten the pre-approval from SEC, so hopefully, we will get the approval from the Philippine Stock Exchange (PSE).”
Last week, the SEC approved Datem’s IPO application last August to offer its shares at a price of up to P14.15 each.
The estimated total proceeds of P4.65 billion would be used to boost the company’s construction, housing, and water supply ventures.
Espiritu said mostly, it would fund the company’s expansion activities in construction, as well as its subsidiary Datem Homes Inc.’s housing projects.
Datem Homes caters to the socialized and economic market segment.
The rest of the money, Espiritu said, would go to the firm’s other subsidiary, Datem Water Inc., which targets a capital expenditure budget of P350 million to expand its recently launched water filtration projects across the country.
Espiritu said his company is targeting to supply about 455 water districts in various parts of the Philippines, but stressed they have so far tapped 10 water districts, mostly in Visayas and Mindanao.
At present, Datem Water has a 15-year bulk water supply contract with Metro Kalibo Water District in the province of Aklan in Western Visayas.
“We would like to serve the socialized and economic housing backlog of the Philippines,” said Espiritu. “Same with water, we want to give the best quality water to the communities and municipalities, at a very reasonable or lower cost at the quickest time possible.”