The Securities and Exchange Commission (SEC) said Tuesday it approved the P7.9-billion initial public offering (IPO) of miner OceanaGold (Philippines) Inc. (OGP).
OGP is the local subsidiary of Australian-Canadian company OceanaGold. It operates Didipio mines in Nueva Vizcaya province.
The SEC said in a statement it resolved to render effective the registration statement of OGP covering 2.28 billion common shares, subject to the company’s compliance with certain remaining requirements.
The miner plans to sell to the public up to 456 million secondary common shares, owned by selling shareholder OceanaGold (Philippines) Holdings Inc., at a price of up to P17.28 per share.
The offer shares represent 20 percent of its outstanding capital stock.
Net proceeds from the offering will go directly to the selling shareholder. The company will not receive any proceeds from the IPO.
The shares will be listed and traded on the main board of the Philippine Stock Exchange (PSE) under the symbol OGP.
The initial public offering will run from April 22 to 26, with listing on the PSE scheduled for May 7, according to the latest timetable submitted by the company to the SEC.
If the planned offering proceeds as planned, OGP will be the first company to list on the local bourse this year.
Renewable firm Citicore Renewable Energy Corp. (CREC) obtained regulatory approval in January for its planned P12.9-billion IPO but decided to move the IPO to the second quarter of 2024 as it evaluates offers from various interested parties.
OGP tapped BDO Capital & Investment Corp. as the domestic underwriter and bookrunner for the maiden offering, while CLSA Limited will serve as international underwriter.
Its mining operations at Didipio consist of sourcing ore from the underground mine and from its surface ore stockpile. The ore is processed through the company’s processing plant, producing both gold ore and copper concentrate.
The IPO is in compliance to the terms of the renewed financial or technical assistance agreement (FTAA), where the company is required to list its common shares.
