MANILA, Philippines - The Araneta family's LBC Express Inc. is planning a P7 billion initial public offering this year, according to a news report.
Manila Standard reported that LBC Express filed documents with the Securities and Exchange Commission for its IPO. LBC Express will be offering up to 286.96 million primary and secondary shares, with an overallotment of up to 43.04 million shares at P21.16 each.
LBC Development Corp. is planning to sell 200 million primary shares and 86.956 million secondary shares. LBC Development controls LBC Express.
LBC Express, a leading courier and freight forwarding services company, will use the funds to finance possible acquisitions, expansion, as well as upgrade of its IT system and re-fleeting of its delivery vehicles.
UBS is the sole international bookrunner and underwriter for LBC Express' IPO.