MANILA - Philippine property firm Profriends Group Inc has obtained regulatory approval to raise up to P7.71 billion through an initial public offering that will make it the country's first new listing next year.
The Securities and Exchange Commission said in an emailed statement on Wednesday that Profriends aims to sell 385.75 million common shares in the mass housing developer at a maximum price of P20 each.
The regulator said it approved the IPO plan late on Tuesday.
Proceeds will help fund the company's project development, land acquisition and other general corporate purposes, according to a prospectus submitted to the regulator. Profriends also plans to inject capital into its own in-house financing arm, Williamton Holdings Inc.
The final offer price will be set on Dec. 15, followed by an offering period that runs from Dec. 17 to Jan. 9 with shares to list on Jan. 15.
Profriends, which has completed 15 development projects since 1999, recorded P5.36 billion in revenues and P1.9 billion in net income in the first half of this year.
The company has hired BDO Capital & Investment Corp and First Metro Investment Corp as the joint lead managers, joint lead underwriters and joint lead bookrunners for the IPO.