Golden Haven Memorial Park Inc., the memorial park business of former senator Manuel Villar, on Friday set the initial public offering price at P10.50 per share.
The final offer price of P10.50 was slightly lower than the P10.62 maximum price earlier set by the company. At this price, Golden Haven is expected raise up to P778 million in proceeds.
“In connection with the initial public offering of 74,117,647 common shares of Golden Haven Memorial Park Inc., we would like to advise the exchange that the company, after consultation with its issue manager and sole underwriter, has set the offer price at P10.50 per share,” Asian Alliance Investment Corp. president Jose Antonio Lichauco said in a letter to the Philippine Stock Exchange.
Asian Alliance is the sole issue manager and underwriter for Golden Haven’s IPO.
Golden Haven posted a net profit of P151 million in 2015, up 4.5 percent from P144.6 million in 2014 as revenues increased 16.9 percent to P692.7 million from P594.7 million.
Golden Haven is set to become the first company to conduct an initial public offering this year.
It will also be the first company engaged in death care facilities to raise funds through the capital market.
The company said it aimed to use the net proceeds from the IPO to expand existing death care facilities, products and services through land and site development of undeveloped areas in existing memorial parks, land acquisition and construction and completion of new memorial chapels and crematory facilities at Golden Haven Las Piñas Park.
Golden Haven will be the third Villar-owned company to be listed with the PSE.
Villar’s two publicly listed companies are homebuilder Vista Land & Lifescapes Inc. and mall and office developer Starmalls Inc.
The local stock market is currently on an upward trend, amid expectations of a delay in US Federal Reserve interest rate hike and positive outlook on the domestic economy.