Share price of Golden Haven Memorial Parks Inc., the first company to go public this year, surged 49.9 percent after its initial public offering and listing Wednesday.
Golden Haven, the first death care company to be listed with the Philippine Stock Exchange and controlled by billionaire Manuel Villar, saw its stock soar from an IPO price of P10.50 to P15.74 at the close of trading.
Golden Haven chief operating officer Maribeth Tolentino said the company would use the proceeds from the IPO to continue its strategic expansion throughout the country by acquiring land in key locations where sister company Vista Land Inc. has projects.
Tolentino said Golden Haven would capitalize on marketing synergies with Vista Land.
“With this strategy, it would be inevitable for Golden Haven to expand its death care services to an array of memorial services offered in the market. The company is also looking to expand into pre-need planning services, allowing it to play in all five segments of the death care industry,” Tolentino said.
Tolentino said the company recently acquired four new properties in Bulacan, Nueva Vizcaya, Batangas and Cebu that would add over 39,000 memorial lots to its inventory with total sales of P1.8 billion.
The company sells an average of 18,000 memorial lots a year.
Golden Haven chairman Jerry Navarrete said the fresh capital would help the company achieve its vision of becoming a nationally-recognized brand in the death care products and services industry, providing premier private memorial parks and services to all Filipinos.
After Golden Haven, the next company preparing for IPO is Cemex Holdings Philippines Inc., the local unit cement unit of Mexico’s Cemex S.A.B De C.V., which plans to raise P40 billion in proceeds.
Offer period for Cemex Holdings will be on July 4 to July 11 while listing date was tentatively set on July 18.
