MANILA, Philippines – The Philippine Stock Exchange (PSE) has approved the P4.25-billion initial public offering (IPO) of the thrift bank owned by former ambassador Alfredo Yao.
Philippine Business Bank (PBB) will offer 103.33 million common shares to public investors for as much as P41.94 apiece.
The offer period will run from February 6 to 12, and the final offer price will be determined on February 4. Listing was tentatively set on February 19.
PBB plans to use IPO proceeds for lending activities and acquisition of investment securities.
The bank tapped First Metro Investments Corp. and SB Capital Investments Corp. as joint underwriters for the IPO, and Asian Alliance Investments Corp. as financial advisor and issue manager.
PBB, which will be listed on the first board of the PSE, will be the first company to conduct an IPO this year.
The bank operates a network of 72 branches and aims to grow this to 100 branches by the end of 2013.
The bank is 90% owned by the Yao family, which also has interests in air transport, food and beverage manufacturing, pharmaceutical distribution and real estate development. –Rappler.com