MANILA - Bermaz Auto Philippines Inc., the exclusive distributor of Mazda vehicles in the country, received approval from the Securities and Exchange Commission (SEC) on Thursday for its P1.24 billion initial public offering (IPO).

Bermaz Auto will offer 155 million primary and secondary shares at an offer price of up to P8 per share, SEC documents show.

The shares represent 15.6 percent of the company's total outstanding capital stock after the IPO.

Proceeds from the offering will be used to fund the construction of a warehouse, body and paint facility, training facility, showrooms, and satellite outlets, the company said.

Pricing date for the IPO is scheduled on March 22 while the expected offer period is scheduled on March 27 to March 31. Listing date is tentatively set on April 7.

Maybank ATR Kim Eng was tapped as the international and domestic lead underwriter while Abacus Capital will serve as domestic co-lead underwriter.