Italpinas eyes IPO
MANILA, Philippines – Green energy property firm Italpinas Development Corp. is eyeing to list in the local bourse in October, with the offer period slated to start next month.
“It’s (offer period) is no longer in August. It will be in September,” said Romolo Valentino Nati, chairman and COO of Italpinas. Under the revised timetable, the offer will run from Sept. 28 to Oct. 2 while the listing is set on Oct. 12. The company had originally slated its listing date on Aug. 10 while the share sale was set to begin July 27 until July 31.
Italpinas is selling up to 57.62 million primary common shares, equivalent to 26 percent of the company’s outstanding capital stock. It tapped Unicapital Inc. as issue manager and underwriter for the IPO.
The company is eyeing to raise P220.8 million which will be used to finance new projects.
Italpinas intends to develop around $200 million worth of sustainable real estate projects in the next six years, with projects ranging from mixed-use buildings to condotels, hotels, resorts and beach mixed communities all over the Philippines.
The company, formerly known as Italpinas Euroasian Design and Eco-Development Corp. (ITPI), is behind Primavera Residences, its first real estate project which is in Cagayan de Oro. The company was formed in 2009 by Italian architect Nati and his Filipino business partner Jojo Leviste.
Primavera Residences is a mixed-use eco-friendly condominium development in Cagayan de Oro City that incorporates many sustainability features. The project’s design features passive cooling techniques and photovoltaic or solar panel rooftop that produces enough electricity to power its common areas. Primavera Residences is a 10-storey, twin-tower, mixed-use development located in Cagayan de Oro’s plush Pueblo de Oro Business Park.
By Iris Gonzales, The Philippines Star