MANILA, Philippines - The Philippine Business Bank, the thrift banking arm of the Zest-O Group, has been given the green light by the Securities and Exchange Commission to conduct its P4.25-billion initial public offering.
Based on the approved registration documents, the bank will be offering 101.33 million primary shares at a maximum offer price of P41.94 apiece.
The offer period has been slated for Nov. 12 to 29, with the listing date tentatively set on Nov. 23.
ATR KimEng Capital Partners Inc. will be the lead underwriter for the transaction.
PBB earlier said proceeds from the IPO will be used for expanding its network, implementing IT projects and for general banking purposes.
The offer shares represent a 29.5% of the bank's outstanding capital stock.
PBB currently has 72 branches, 37 of which are located in Metro Manila. The bank hopes to expand this to 85 branches by year end, and to 100 branches by the end of 2013.
The bank 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.