The Securities and Exchange Commission approved the initial public offerings of coconut product manufacturer Axelum Resources Corp. and home improvement retailer AllHome Corp.
The SEC, in an en banc meeting Monday, cleared the maiden share offering of Axelum, which plans to raise much as P7.7 billion proceeds, and All Home of the villar Group, which is looking to raise up to P20.7 billion in fresh capital.
The planned IPO of Axelum and All Home comes after the successful stock market debut of Kepwealth Property Philippines, Inc. on Monday.
Share price of Kepwealth jumped 42 percent to P8.15 from its IPO price of P5.74.
Documents filed with the SEC showed that Axelum would offer 700 million primary shares and 430 million secondary shares at price of up to P6.81 a piece.
The company is earmarking the fresh capital for strategic acquisitions, expansion of domestic and international distribution network, installation, improvement and expansion of manufacturing facilities, retirement of loans and reduction of payables and other capital expenditure requirements.
Axelum appointed First Metro Investment Corp. and BPI Capital Corp. as joint lead underwriters.
Axelum is a fully integrated manufacturer of coconut products for domestic and international food and beverage companies, confectioneries, bakeries, private label supermarkets and grocery store chains, food service industries, coconut coffee creamer manufacturers, cosmetics and diet prepared food market.
Meanwhile, AllHome plans to sell up to 1.1 billion common shares, representing 34.5 percent of the company’s outstanding capital stock, at an price of up to P16 per share.
AllHome plans to use the net proceeds from the IPO to fund capital expenditures and initial working capital for store network expansion, debt repayment and general corporate purposes.
AllHome has tapped UBS AG, Singapore Branch as sole global coordinator and joint bookrunner, CLSA Limited and Credit Suisse (Singapore) Limited as joint bookrunner, and PNB Capital and Investment Corp. and China Bank Capital Corp. as domestic underwriters.
