Niche real estate developer Haus Talk Inc. has won approval to list on the Philippine Stock Exchange.
Owned by the Madlambayan family, Haus Talk is eyeing to raise as much as P750 million from the sale of up to 500 million common shares at a maximum price of P1.50 each. The shares will be listed on the small, medium and emerging board of the Philippine Stock Exchange.
The offer period will run from January 3 to 7 while listing of the shares has been set on January 17. The final offer price will be set on December 27 following bookbuilding activities from December 10 to 27.
Net proceeds from the initial public offering, amounting to P723.7 million, will largely go to land acquisition, project development and general corporate purposes.
The company will earmark P260 million to acquire properties in Antipolo, Bacoor, Cavite (P240 million), Dagupan (P100 million) and Sta. Cruz, Laguna (P40 million).
It is also setting aside a portion of the IPO proceeds to develop a 24-hectare property in Mariveles, Bataan into a 2,200 unit horizontal residential project.
It has mandated Investment & Capital Corp. of the Philippines as the issue manager and underwriter for the offer.
SOURCE: Bilyonaryo
