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Housing firm conducts follow-on offering

Posted on May 01, 2014 09:34:22 PM [ BusinessWorld Online ]

8990 HOLDINGS, Inc. begins today its follow-on public offering a little more than six months after it listed via “backdoor” through IP Converge Data Center, Inc., according to various filings of the low-cost housing developer with the Philippine Stock Exchange on Wednesday.

  The company stands to raise up to P8.967 billion from the offer of up to 1.245 billion primary shares and an additional 134.951 million shares in an overallotment option for P6.50 apiece, according to the final prospectus dated April 30. The price represents a 5.1% discount from the company’s April 30 closing of P6.85 per share.

“The company intends to use the net proceeds from the primary offer for repayment of existing indebtedness [sic],” the prospectus read.

The offer period runs from May 2 to 8, and listing of the shares has been set tentatively on May 14. UBS AG Hong Kong Branch had been named sole global coordinator, sole international bookrunner and lead manager; Religare Capital Markets (Singapore) Pte. Ltd. as co-lead manager; as well as SB Capital Investment Corp. and UBS Investments Philippines, Inc. as domestic lead underwriters and bookrunners.

8990 Holdings has scheduled an investors’ briefing at 3:45 p.m. today at Mandarin Ballroom 1 and 2, Mandarin Oriental Manila hotel in Makati City.

Formed in 2003, 8990 Holdings has developed mass housing units under the DECA Homes brand in Angeles, Davao and Tagum cities, as well as in the provinces of Cavite, Cebu and Iloilo.

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