SEC okays P750-million IPO of Haus Talk, share sale of EEI

The Securities and Exchange Commission said Friday it approved the P750-million initial public offering of property developer Haus Talk Inc. and the P6-billion preferred share sale of construction company EEI Corp.

It said in a statement it “favorably considered” Haus Talk’s offer of up to 500 million common shares to be sold at P1.50 each. The company will use the net proceeds from the IPO to fund land acquisition, project development and general corporate purposes.

The niche residential developer said it plans to acquire land in Bacoor, Cavite; Dagupan City; Sta. Cruz, Laguna; and Antipolo City for future development.

Formed in in 2004, Haus Talk is a residential real estate developer led by the Madlambayan family with projects based in Antipolo and Laguna. The company already sold almost 1,900 housing units, with about 2,300 units in development until 2023.

The company tapped Investment & Capital Corporation of the Philippines as the issue manager and underwriter for the offer.

Haus Talk will be one of five companies conducting IPOs in the last six weeks of 2021. The three others are Medilines Distributors Inc., Solar Philippines Nueva Ecija Corp., Citicore Energy REIT Corp. and Figaro Coffee Group Inc.

Amid ample liquidity and rebound in the stock market, the IPO market turned robust this year. Six firms already conducted IPOs this year, including Monde Nissin Corp., AllDay Marts Inc., DDMP REIT Inc., MREIT Inc., RL Commercial REIT Inc. and Filinvest REIT Corp.

Meanwhile, the SEC also approved EEI’s plan to sell up to 60 million non-voting perpetual preferred shares at an offer price of P100 per share. Proceeds will be used to partially finance EEI’s future projects, short-term loans, capital expenditure for new equipment and general corporate purposes and working capital requirements.

EEI’s preferred share offer is slated to run from Dec. 9 to 15, in time for the shares’ listing at the Philippine Stock Exchange on Dec. 24.

The company tapped RCBC Capital Corp. as the sole issue manager for the offer, which will also serve as joint lead underwriter and bookrunner alongside SB Capital Investment Corp.

EEI is the construction arm of the Yuchengco Group of Companies.

Topics: Securities and Exchange Commission , initial public offering , Haus Talk Inc.
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