Italpinas pursues maiden offering


Green building developer Italpinas Development Corp. plans to conduct a P242-million initial public offering from August 10 to 14 this year.
Italpinas said in an amended registration statement filed with the Securities and Exchange Commission it would offer its shares to the public next month after a book building process. The company plans to peg the final offering price on the IPO on August 4 tentatively set the listing date on August 24.

Italpinas is offering a total of 57.662 million common shares at a price of up to P4.20 per share. It plans to list the shares under the Small, Medium and Emerging Board of the Philippine Stock Exchange.

Italpinas, founded by Italian architect Romolo Nati and lawyer Jose Leviste III, earlier hired Unicapital as the sole underwriter for company’s IPO.
The company plans to use proceeds from the maiden offering primarily to finance capital expenditures for new projects, land banking activities and retirement of existing debts.

Italpinas since its incorporation in 2009 has completed the first tower of its first project, Primavera Residences Tower A.

Italpinas in four years has already sold around 300 of its inventory of residential and commercial units, offices and parking slots worth around $16 million. Two more projects in the pipeline are projected to earn a combined amount of P15.6 billion, or $381 million, in gross sales.

Italpinas plans to develop at least $200 million worth of sustainable projects within six years, ranging from mixed-use buildings to condotels, hotels, resorts and beach mixed communities across the country and in Southeast Asia.

Several small companies are currently planning to conduct a maiden share offering because of the successful listing of previous firms, namely DoubleDragon Properties Corp., Xurpas Inc. and Crown Asia Chemicals Corp., a Bulacan-based company engaged in the production of plastic compound and pipes. Companies with pending IPO applications with the SEC include biomass company Green Power Panay Philippines Inc., Gweilo Corp., the owner of Mario’s Kitchen and SBS Philippines Corp.

By Jenniffer B. Austria, Manila Standard Today

Leave a Reply

Your email address will not be published. Required fields are marked *

Italpinas Development Corporation ™
Corporate Profile

Phone: +63 2 8893 0328

28th Floor Unit 28C, BPI
Philam-Life Building
6811 Ayala Ave, Makati City
Metro Manila, Philippines
Awarded by
Member of
Stay Up to Date With News, Inspirations and Events

This material and this presentation have been provided by IDC Development Corporation and is a general background on IDC current activities at the date of this presentation. The information is given in summary and does not purport to be complete. This presentation may contain forward-looking statements, including statements regarding our intent, belief or current expectation with respect to IDC businesses and operations, market conditions, and anticipated results of operation. IDC does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after date hereof to reflect the occurrence of unanticipated events. While due care has been used in preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts any hypothetically examples are subject to uncertainty and contingencies outside IDC’s control.