CTS Global Equity Group Inc., an equities trading firm owned by businessman Edward Lee, plans to raise as much as P1.37 billion through an initial public offering slated in early 2022.
CTS Global in a filing with the Securities and Exchange Commission it will sell up to 1.375 billion common shares at a price of P1 apiece.
The firm plans to use the net proceeds from the offering will be used to expand company’s global trading operations and account management business.
“The main reason for the company’s IPO is to scale its global trading. Even having already built the concrete trading systems, risk protocols, and trader support infrastructure, CTS Global plans
to commit funds in order to continuously develop more traders to pave the way for its future growth,” the company said.
The company set the offering period from February 21 to February 28, 2022. The shares will be listed and traded on the SME Board of the Philippine Stock Exchange on March 9, 2022.
Upon listing, CTS Global will have a market capitalization of P6.875 billion and a public float of 20 percent.
CTS Global, formerly Citisecurities Inc., was established to engage in the business of equities trading. It currently has pool of over 30 traders who actively manage a combined capital amounting to ₱550 million.
CTS Global registered a net income of P27.1 million in the first nine months of 2021, up 207 percent from P8.8 million in the same period last year.
Lee is also the chairman and founder of COL Financial Group Inc., a leading and largest online trading platform in the Philippines. COL Financial was previously under CTS Global before it was spun off in 1999.
CTS Global has engaged SB Capital Investment Corp. as the issue manager, underwriter and bookrunner of the offering.
CTS Global is one of the two companies with pending IPO applications with the SEC. The other one is Bank of Commerce, an affiliate of San Miguel Corp., which plans to raise P4 billion.