MANILA, Philippines – Philippine Business Bank, the thrift bank of the Zest-O group, is looking to raise up to P4.25 billion from its initial public offering scheduled in the fourth quarter.
In documents filed with the Securities and Exchange Commission (SEC), PBB will be offering 101.33 million primary shares at maximum offer price of P41.94 per share. This represents 29.5% of the bank's outstanding capital stock.
The lead underwriter for the offering is ATK Kim Eng Capital Partners Inc.
The bank is planning to use the proceeds to acquire bank branch licenses from the Bangko Sentral ng Pilipinas and expand its bank network.
At present, PBB operates 71 branches, of which 37 are in Metro Manila. The bank is hoping to have 85 branches by the end of 2012, and 100 branches by end of 2013.
PBB is 90% owned by the family of Ambassador Alfredo M. Yao. The Zest-O group includes beverage company Zest-O Philippines Corp. and budget carrier Zest Air.