By Jenniffer B. Austria | Nov. 30,
2014 at 11:30pm [ manilastandardtoday.com ]
Mass housing developer ProFriends
Group Inc. has finalized the timetable for the planned P7.7-billion initial
public offering, which is expected to be completed in January next year.
The company, according to the latest
prospectus filed with the Securities and Exchange Commission, set the book
building period for the IPO from Dec. 1 to Dec. 12.
The final price will be disclosed on
Dec. 15 while the offering period is set from Dec. 17 to Jan 9, 2015. The company set the listing date on Jan. 15.
Sources said the offer price range
would be between P16 and P20 per share.
Several foreign and local investors
have expressed interest in investing in the company as cornerstone investors.
ProFriends will offer up to 385.75
million common shares, of which 270.025 million shares will be allocated for
qualified institutional buyers through joint lead underwriters.
About 20 percent or 77.15 million shares would be allocated to trading
participants while the remaining 38.575 million would be allocated for local
small investors.
The company said of the P7.71-billion
expected proceeds, P3.1 billion would be set aside to finance real estate
projects in Cavite, Iloilo and Cagayan de Oro and P2.5 billion for additional
equity investments in Williamton Holdings Inc.
Williamton
is a wholly- owned subsidiary of Amicus Holdings, which handles the in-house
financing requirements of ProFriends homebuyers.
Another
P1.24 billion will be set aside for land acquisition and the remaining P611
million will be allotted for other corporate purposes.
ProFriends
will have a 10.91- percent public float after the offering.
BDO Capital
and Investments Corp. and First Metro Investments Corp. are the joint issue
managers, lead underwriters and bookrunners for the offering.
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