Italpinas moves P242-M IPO listing to Oct


ITALPINAS Development Corp. (IDC), the Italian-Filipino property developer of Primavera Residences, has deferred its planned listing on the Philippine Stock Exchange (PSE) to October.

In an amended regulatory filing with the Securities and Exchange Commission (SEC), IDC said its timetable has been moved to a later date, with bookbuilding expected to run from September 14 to 18, and the final offer price to be set on September 21.

The offer period should also run from September 28 to October 2, while the listing date on PSE’s Small, Medium and Emerging Board is on October 12.

Before the amendments, IDC planned its final offer price to be determined on July 21, while offer period will run from July 27 to 31 for a listing on August 10.

The company plans to raise P242 million from the offering of 57.622 million primary common shares via an initial public offering (IPO) priced at a maximum of P4.20 per share.

Post-IPO, the company will have a total of 221.618 million issued and outstanding shares, 26 percent of which are the IPO shares and 74 percent under the name of existing shareholders.

IDC will have a market capitalization of P700.16 million post-IPO from the current P480.68 million. Unicapital Inc. is appointed as the sole underwriter of the transaction.

The expected net proceeds of P220.8 million after listing related expenses and taxes go to capital expenditures for new projects (P120.68 million); land banking and acquisition (P47 million); retirement of existing loans (P20 million); and general working capital (P33.12 million). Proceeds from the IPO will be used in the fourth quarter of the year up to end-2016.

IDC is a joint venture between Italian architect Romolo Valentino Nati and Filipino lawyer Jose D. Leviste 3rd with his father Jose P. Leviste Jr. to establish sustainable developments in the Philippines.

The company is 54.43-percent owned by Levistes, 40-percent by Nati, 3.57 percent by Marito Garcia and 2 percent by Antonio Herbosa. Nati is IDC’s chairman and chief operating officer, while lawyer Leviste is the vice chairman and his father the president.

Apart from IDC, other firms that have announced plans for an IPO were construction firm Datem Inc. (P4.65 billion), D.M. Wenceslao & Associates Inc. (P21.7 billion), Metro Retail Stores Group Inc. (P6.1 billion), Gweilo Corp. (P75 million), Green Power Panay Philippines Inc. (P290 million), and Philstocks Financial Inc. (P185.89 million).

Two companies have successfully listed on the stock exchange via a maiden share sale, the P222-million IPO of Crown Asia Chemicals Corp. and the P1.15 billion of SBS Philippines Corp.

The PSE said it is on track to meet its capital raising target of P200 billion for the whole of 2015, with P105 billion worth of activities on record as of August 15.


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