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Pro-Friends sets P7.7-B IPO in Oct

By Richmond Mercurio (The Philippine Star) | Updated August 27, 2014 - 12:00am

MANILA, Philippines - The newly-incorporated holding company of affordable housing developer Property Co. of Friends Inc. (Pro-Friends) is all set for its initial public offering (IPO) by October this year to raise as much as P7.7 billion in fresh funds for its expansion.

Amicus Holdings Inc., the holding entity of Pro-Friends, said yesterday it has filed an application for an IPO to offer 385.75 million primary shares at a price of up to P20 per share.

Listing is expected in the second half of October, the company said.

Proceeds from the IPO will be used to finance additional investments in Pro-Friends, “particularly for land acquisition as well as land and housing development, equity investments in its financing subsidiary, and general corporate purposes.”

BDO Capital & Investment Corp. and First Metro Investment Corp. have been appointed as joint issue managers, lead underwriters and bookrunners for the transaction.

“Our group is more committed than ever to providing long-term value for our customers through strategic and holistic investments in providing their needs. This translates to key business strategies in the immediate that include expanding the group’s geographic presence nationwide, increased investments in product-level research and development that will allow our team of specialists to remain close to our market and be able to improve processes, product features, and functionalities,” said Guillermo Choa, Amicus president and chief executive officer.

Pro-Friends had earlier planned to join the local bourse via the backdoor route by acquiring dormant listed firm Asiatrust Development Bank Inc.

A backdoor listing, a cheaper and faster way to achieve listing status, occurs when a listed firm is acquired by a private company, resulting in a change in business.

Pro-Friends, which develops communities that feature homes, schools, call centers, hospitals and malls, has built more than 26,000 housing units and completed 52 projects in Cavite, Iloilo and Metro Manila.                       
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