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Bank of Commerce, the banking unit of conglomerate San Miguel Corp., plans to raise P4 billion from its initial public offering next year.
The bank's filing with the Securities and Exchange Commission showed it would sell up to 280.6 million common shares, with an overallotment option for another 42.09 million shares at an offer price of P12.50 each.
The net proceeds from the offering will fund the bank’s lending activities, acquisition of investment securities and capital expenditures in connection with the upgrading of its ATM fleet and core banking system.
Bank of Commerce hired BDO Capital and Investments Corp., ChinaBank Capital, Philippine Commercial Capital Inc. and PNB Capital as the joint issue managers and underwriters for the IPO.
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