SEC okays 3 IPOs, follow-on offering 1. The P7.45-billion IPO of specialty retailer SSI Group, Inc. 2. The P1.51-billion IPO of South Korean-owned Phoenix Semiconductor Philippines Corp. 3. The P1.44-billion IPO of technology firm Xurpass Inc. 4. The P125-million follow-on offering of Fruit grower and canner Del Monte Pacific Limited. --- After weeks of “congestion” in the approval of fund-raising activities, Securities and Exchange Commission (SEC) has given the go signal in a single en banc session three initial public offerings (IPOs) and one follow-on offering with a combined worth of P10.52 billion. SEC Director Vicente Graciano Felizmenio said in an interview that the corporate regulatory agency has already approved the application of three companies who intend to conduct a maiden share sale in the Philippine Stock Exchange (PSE) within this year, as well as the follow-on offering of another company. Specifically, the Commission approved the P7.45-billion IPO of specialty retailer SSI Group, Inc.; the P1.51-billion IPO of South Korean-owned Phoenix Semiconductor Philippines Corp.; the P1.44-billion IPO of technology firm Xurpass Inc.; and the P125-million follow-on offering of Fruit grower and canner Del Monte Pacific Limited. The first to seek SEC approval among these firms was Phoenix Semiconductor who initially intends to raise P2.65 billion through IPO, followed by Del Monte who plans to sell P125 million worth of shares in the stock market to comply with the rules of the PSE after listing by way of introduction last year. Next to them was SSI Group who intends to offer the public P7.45 billion worth of shares. The company, which retails upscale international brands, will supposedly raise as much as P12.42 billion in its previous application. Instead, it cut its offer price to P7.50 per share from P12.50 per share. The last one to submit its IPO application is Xurpass who intends to use the P1.44 billion worth of proceeds from the offering for its expansion here and abroad. Lately, SEC has been the subject of criticism among capital market participants. It has been said that since there has been a management change in the SEC, a lot of fund managers started facing delays in getting approvals. Commissioner Juanita Cueto, who has been with the corporate watchdog in more than a decade, was recently replaced by newly appointed SEC Commissioner Ephyro Luis Amatong upon her retirement in May. The only maiden share sale pending with the SEC is that of Pro-Friends Group. Inc., previously known as Amicus Holdings, Inc., which intends to raise P7.7 billion for expansion. mb.ph/sec-okays-3-ipos-follow-on-offering/ 10/12/2014
Posted on: Mon, 13 Oct 2014 01:04:22 +0000
Trending Topics
Recently Viewed Topics
© 2015