Italpinas pegs IPO price
MANILA, Philippines – Italpinas Development Corp. has set its offer price at P3.60 per share. This represents a significant discount to the earlier announced maximum offer price of P4.20 per share. Italpinas hopes to raise as much as P207.3 million from its initial public offering of shares. It is set to debut on the Philippine Stock Exchange on Dec. 7, which will make it the fourth company to brave a volatile market this year after Crown Asia and SBS Philippines. Metro Retail Stores Group is slated to list on Nov. 24.
Proceeds from the offering will be used for capital expenditures for new projects, land banking and acquisitions, general working capital and retirement of existing obligations.
The company is also planning to expand in other areas around the country aside from its maiden project in Cagayan de Oro.
“We are looking at Dumaguete, Lipa, Camiguin Island and we are also looking at something North of Luzon,” said Romolo Valentino Nati, chairman and COO of the company.
In particular, proceeds will be used to fund the development of the Primavera City, a new mixed-used development in Cagayan de Oro, Misamis Oriental targeted for completion in the fourth quarter of 2017.
Primavera City will comprise of seven mixed-use residential and commercial buildings, with each building to feature photovoltaic panels that will generate energy for the building’s consumption.
Italpinas is looking to acquire properties in Lipa, Batangas, Dumaguete, Negros Oriental and Iloilo City.
The company envisions 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 was formed in 2009 by Nati, an Italian architect and his Filipino business partner Jojo Leviste.
By Iris Gonzales | The Philippine Star – November 19, 2015