Axelum further reduces the IPO price, the offer size to P4 billion m further lowers the IPO price, the offer size to P4 billion
COCONUT maker Axelum Resources Corp. has its initial public offering (IPO) at P5 per share, and also reduced the secondary offering to 100 million secondary shares from the previously planned 400 million shares.
This will net the company 4 billion pesos, including 700 million primary shares and 100 million secondary shares, in an offering that will continue with a target listing date of October 7, 2019.
Previously, the company offered its IPO price of 5.72 pesos per share at an offering size of 6.46 billion pesos.
Axelum will carry the trade symbol AXLM in the main chart of the Philippine Stock Exchange. Market capitalization is estimated at 20 billion pesos at the time of listing.
“We have decided to sell only 100 million shares instead of the 430 million originally planned after the final price fixing, because we believe that Axelum is worth more than the fixed price of P5 per share,” said Jason Rosenblatt, director from Axelum.
First Metro Investment Corp., the investment banking arm of the Metrobank group, is the issues manager, bookrunner and principal co-underwriter. BPI Capital Corp. is also the main co-underwriter.
Proceeds from the IPO of the main shares will be used to finance the company’s strategic acquisitions, expand its domestic and international distribution networks, install new manufacturing facilities for new products, and improve and expand existing manufacturing facilities. of the society.
A portion of the proceeds will also be used to repay the company’s loans, reduce debts and finance other capital expenditures.