Primavera Developer sets P242-million IPO in 4th qtr
Italpinas Development Corporation (IDC), the Italian-Filipino green property developer of Primavera Residences, sets its planned listing of P242-million initial public offering (IPO) on the Philippine Stock Exchange (PSE) on the last quarter of 2015. Recently, IDC filed on August 28 an amended prospectus with the Securities and Exchange Commission (SEC). The company plans to raise P242 million from the offering of 57.622 million primary common shares to the public, priced at a maximum of P4.20 per share.
The number of shares to be sold, according to the prospectus, is equivalent to 26% of the company’s outstanding capital stock and 74% is under the names of the current shareholders.
Its major shareholders include Jose Leviste, Jr. (49.67%), Italian architect Romolo Nati (40%) and Jose Leviste III (4.76%).
IPO proceeds will finance Italpinas Development Corporation’s upcoming mixed-use sustainable development in Cagayan de Oro, Primavera City.
After Primavera Residences, a new elegant high-rise and eco-friendly building in Cagayan de Oro offers the distinctive quality of living in an Italian-designed building with metropolitan standard development. Primavera City aims to be the landmark in sustainable developments as the combination of natural ventilation, solar energy, external louvers, water recycling, rain harvesting, and other green features exudes the exteriors and interiors of the property.
IDC will have a market capitalization of P930.8 million post-IPO from the current P480.68 million. Unicapital Inc. is appointed as the issue manager and sole underwriter of the transaction.
The expected net proceeds of P220.8 million after listing related expenses and taxes will supply the capital expenditures (capex) for new projects (P120.68 million); land banking acquisition (P47 million); retirement of existing loans (P20 million); and general working capital (P33.12 million). Proceeds of the IPO will be used in the fourth quarter of the year up to 2016.
Primavera Residences EDGE Certification
Recently, Autif Sayyed, Regional Green Building Specialist for the East Asia Pacific Region at International Finance Corporation (IFC), visited Primavera Residences to complete the stages of the building’s EDGE (Excellence in Design for Greater Efficiencies) certification as he recognized the building’s outstanding initiation and implementation of the green features.
EDGE is a new building resource efficiency system created for emerging markets, providing clients with technical solutions for going green and captures capital costs and projected operational savings.
By Cesar Stefan A. Rago, PR & Marketing Office