GOLDEN Haven Memorial Park Inc. is set to sell shares at P10.50 apiece in an initial public offering (IPO) to raise P778.26 million.
The Philippine Stock Exchange has approved the listing application of Golden Haven, the Villar-led developer of memorial parks and columbarium facilities. The firm was assigned “HVN” as its stock symbol.
The company is offering 74.12 million shares at P10.50 per share beginning June 16.
Golden Haven has tapped Asian Alliance Investment Corporation as the sole issue manager and lead underwriter for its maiden share sale.
“We are pleased to see movement in our IPO pipeline. We are optimistic that this will provide the impetus for other companies, particularly those which have deferred their IPOs, to look at the stock market for their funding requirements,” PSE President and Chief Executive Officer Hans Sicat, said.
The local small investor program or LSI applies to the Golden Haven IPO, providing for a 10-percent allocation of the offer shares to retail or individual investors. The LSI program limits an investor’s subscription to P25,000.00.
“The offer shares represent 15 percent of the outstanding common shares of the company after the offer and will be issued out of the company’s authorized and unissued capital stock,” Golden Haven said.
The net proceeds of P711.77 million, after transaction fees and other expenses, will be spent on acquisition, growth, and expansion strategies.
“In particular, expanding its existing death-care facilities, products, and services through undertaking land and site development of the undeveloped areas of its existing memorial
parks,” the company said.
It will also use some of the money to build new memorial chapels and crematory facilities in Golden Haven Las Piñas Park, and for general corporate purposes and working capital.
Business tycoon and former Sen. Manuel Villar said he is eyeing more capital raising activities for Golden Haven once the venture becomes publicly listed this year.