Construction company Datem Inc. said Friday it postponed the P4.65-billion initial public offering it originally planned on Dec. 8 to a later date.
“Datem Inc., together with BPI Capital Corp. and First Metro Investment Corp., as joint issue coordinators and joint lead underwriters and book runners, is deferring the company’s upcoming initial public offering to a later date,” the company said in a letter to the Philippine Stock Exchange.
Datem said it would advise the PSE and the Securities and Exchange Commission of the revised timetable as soon as possible.
“In this connection, the company reserves the right to adjust the terms of the offer,” it said, without disclosing the reason for the delay.
Datem earlier said it planned to start the offering period for the IPO on Nov. 24, with the end of offer period on Dec. 1.
Datem planned to sell up to 329 million shares, including 257.5 million primary shares, 28.61 million secondary shares and 42.91 million in case of over allotment, at an offer price of up to P14.15 apiece.
The company, in its preliminary prospectus, said that based on the offer price of P14.15 per share, it would raise P3.643 billion from the sale of primary shares and P1.012 billion from secondary shares.
Proceeds from the IPO will be used to fund construction, real estate and water ventures, it said.
Datem, incorporated in 1984, is primarily engaged in the construction business. The company recently ventured into real estate, particularly affordable housing projects, and supply and treatment of bulk water.
Datem has housing projects in Angono and Cainta in Rizal province and Davao City and plans several projects in Bulacan, Iloilo, Laguna and other parts of Rizal.
Datem Water has a 15-year bulk water contract with Metro Kalibo Water District. The company said it was also on the lookout for more contracts in major cities.
