Profriends Group postpones IPO pricing - underwriter

Reuters

Posted at Dec 15 2014 12:33 PM | Updated as of Dec 15 2014 08:33 PM

MANILA – Property firm Profriends Group Inc. has postponed the pricing of its initial public offering (IPO).

The underwriter for the IPO said the offer price, which was supposed to be finalized on Monday, has yet to be set pending the Philippine Stock Exchange's (PSE) approval of the up to P7.7 billion ($173 million) IPO.

The final offer price is expected to be set in the first quarter of 2015.

The low-cost housing developer is set to become the first company to list in the local bourse next year.

Proceeds from the offering 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.

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.