Green builder Italpinas Development Corp. pegged the final offering price for its planned initial public offering at P3.60 apiece, which will enable it to raise as much as P207.42 million in proceeds.
The final price is 14.3 percent lower than the initial indicative price of P4.20 apiece.
Italpinas is offering 57.66 million shares, representing 26 percent of the company’s total outstanding capital stock. The company will be listed under the SME Board of the Philippine Stock Exchange.
The offering period is set from Nov. 23 to Nov. 27, while the listing date is scheduled on Dec. 7.
Italpinas plans to use proceeds from the IPO to finance capital expenditures for new projects, land banking, acquisitions and repayment of existing loans.
The company hired Unicapital Inc. as the underwriter for the maiden share sale.
Italpinas, incorporated in 2009, has already completed the first tower of its first project, the twin-tower Primavera Residences in Cagayan de Oro City.
The company said it planned to acquire land in Lipa, Batangas; Dumaguete City, Negros Oriental; and Iloilo province.