Golden Haven Memorial Park Inc., the country’s leading death care development and services company owned by the Villar Group, plans to conduct a P787-million initial public offering next month.
Golden Haven, according to a latest filing with the Securities and Exchange Commission, tentatively set the offering period of planned share sale on June 20 to 24 and the listing date on July 4.
Golden Haven plans to offer as much as 74.117 million in primary common shares for up to P10.62 apiece.
The company hired Asian Alliance Investment Corp. as issue manager and lead underwriter of the offering.
The comnpany plans to use proceeds from the public offering to finance acquisitions and growth expansion by broadening its existing death care facilities, products and services.
The company’s move to proceed with its IPO next month comes amid continuing investor confidence in the domestic economy after the recent presidential elections.
The Villar Group in 2015 announced plans to accelerate the expansion of Golden Haven by putting up a branch in at least 100 sites across the country.
Golden Haven started in 1984 with the development of a two-hectare memorial park in Las Piñas.
It opened one in Cebu in 2003, followed later by Cagayan De Oro, Zamboanga, Santuario de San Ezekiel Moreno in Las Piñas, Iloilo and Bulacan. It plans to open branches in Pampanga and Nueva Vizcaya provinces.
Once listed, Golden Haven will be third public company owned by the Villar Group.
The Villar family, led by business tycoon and former Senate President Manuel Villar, owns integrated property developer Vista Land & Lifescapes Inc. and Starmalls Inc.
Aside from real estate and death care development, the Villar Group has investments in retail, water utility, mining, education and healthcare.
Golden Haven was the second company to file an IPO application with the SEC this year.
In March, Cemex Holdings Philippines Inc., the local unit cement unit of Mexico’s Cemex S.A.B De C.V., filed a registration statement seeking to raise P39.74 billion.
Cemex Holdings plans to sell 2.337 billion common shares at a price of up to P17 apiece.
The Philippine Stock Exchange earlier said it expected 10 IPO listings this year.
