MANILA, Philippines - The Philippine Stock Exchange has approved Philippine Business Bank's P4.25 billion initial public offering (IPO), the first for the year.
The thrift bank, owned by Ambassador Alfredo Yao of the Zest-O Group, is set to offer up to 103.33 million common shares at P41.94 per share. This represents 30% of the bank's outstanding capital stock.
The offer period is from February 6 to 12, while listing is set for February 19.
The bank said it will use proceeds from the IPO to fund the bank's lending activities and acquisition of investment securities.
PBB is also setting aside P400 for to expand its branch network, including acquiring new bank licenses.
PBB has 72 branches around the country, including 37 in Metro Manila. It plans to have 100 branches by the end of the year.