Pure Energy Energy Holdings Corp. and Bermaz Auto Philippines Inc. have moved their planned initial public offerings to 2018, according to the underwriter handling both deals.
Abacus Capital & Investment Corp. director of corporate finance Manuel Ocampo said both IPOs had been deferred to next year as the companies were still complying with some of the additional requirements of the Philippine Stock Exchange.
“Both firms are still complying with the requirements from the PSE. So we will have to move the IPOs to next year,” Ocampo said.
Ocampo said the two companies were still keen on pushing through with their IPO plans.
Pure Energy, an investment holding company with interests in renewable power and bulk water supply and distribution projects, plans to raise as much as P1.58 billion from IPO.
It plans to offer 930 million common shares with an option to sell another 46.5 million in allotment shares at a price of up to P1.62 apiece. The shares represent 15.6 percent of the company’s authorized capital stock.
Pure Energy plans to use proceeds from the maiden share offering to finance several hydropower projects as well as the acquisition of similar stations.
Bermaz Auto, the exclusive distributor of Mazda vehicles in the country, meanwhile, plans to raise as much as P1.24 billion. It intends to sell 155 million primary and secondary shares at price of up to P8 apiece.
The offered shares represent 15.6 percent of the company’s total outstanding capital stock after the IPO.
Net proceeds from the sale of primary shares will be used to fund the construction of a warehouse and body repair and paint facility, the establishment of a Mazda training facility for automotive repair and motor services, and construction of Mazda showrooms and satellite outlets.
Three companies, so far, have conducted IPOs since the start of the year. These are Wilcon Depot Inc., Eagle Cement Corp. and Cebu Landmasters Inc.
The PSE earlier predicted 10 IPOs this year.