Bermaz Auto Philippines Inc., the exclusive distributor of Mazda vehicles in the country, filed an application with the Securities and Exchange Commission to raise up to P1.24 billion from an initial public offering.
Documents obtained from the SEC showed Bermaz Auto would offer 155 million primary and secondary shares at an offer price of up to P8 apiece in March 2017.
The offer shares would 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 construction of a warehouse and body repair and paint facility, establishment of Mazda training facility for automotive repair and motor services and construction of Mazda showrooms and satellite outlets.
The offer period was scheduled on March 15 to March 22, while listing date was tentatively set on March 28.
The company hired Maybank ATR Kim Eng as the international and domestic lead underwriter and Abacus Capital as domestic co-lead underwriter.
Bermaz Auto is the sole distributor of Mazda vehicles with a total of 27 variants catering to different market segments.
The company is 60.4-percent owned by Bermaz Motor International Ltd. of Malaysian conglomerate Berjaya Corp. and 25.5-percent by listed Berjaya Philippines Inc.
Bermaz Auto reported a net income of P216.2 million in the first six months of the fiscal year covering May to October 2016, slightly higher than P199.4 million registered a year ago. The company sold 2,301 units.
Bermaz Auto commenced operations on Jan. 2, 2013 with 13 dealerships nationwide. It now has 18 dealers, including six in Metro Manila. Two additional dealerships are under construction in the cities of Butuan and General Santos.
Bermaz Auto is the second company to file an IPO application with the SEC this month. Last week, Pure Energy Holdings Corp., an investment holding firm engaged in renewable power and bulk water supply and distribution projects, sought SEC approval to raise P1.58 billion.
