PSE approves AllHome, Axelum IPOs
MANILA, Philippines – The Philippine Stock Exchange (PSE) on Wednesday, August 28, gave the green light for the initial public offerings (IPOs) of billionaire Manny Villar's AllHome Corporation and coconut products maker Axelum Resources Corporation.
The PSE said pricing for AllHome's shares is expected to be on September 27, while the offer period will be from September 30 to October 4. Its listing date and start of trading on the PSE will be on October 10.
The Villar-owned home products retailer will offer 1.29 billion shares made up of 750 million new common shares, 375 million existing common shares, and an additional 168.75 million shares held by AllValue Holdings.
It is set to be offered at a maximum price of P16 per share and aims to raise as much as P11.46 billion from the primary offering.
AllHome, which will use the ticker HOME, intends to use the net proceeds from the offer for capital expenditures and initial working capital for store network expansion, debt repayment, and other purposes. (READ: PSE rolls out IPO subscription platform)
Meanwhile, Axelum's price setting date is September 19, while its offer period begins on September 24 and ends on September 30. Its listing date is October 7.
Axelum, which will go by the symbol AXLM, will offer up to 1.13 billion shares priced at a maximum of P6.81 each. It expects to raise P7.7 billion.
Axelum will use the net proceeds from the primary offer to fund acquisitions, expand networks, install new manufacturing facilities, and retire loans and reduce payables. – Rappler.com