Leading residential developer The Securities and Exchange Commission has approved Sta. Lucia Land Inc.’s planned P9.87 billion follow-on offering to pay down debt and fund new and ongoing projects as well as land acquisitions.
The Robles-Santos-led Sta. Lucia will offer to the public up to 2.5 billion common shares at a price ranging from P2.38 to P3.29 per share, with an over allotment option of up to 500 million common shares.
Net proceeds from the offer could reach as much as P9.55 billion, assuming the oversubscription option is fully exercised.
At an offer price of P2.38 to P3.29 per share, Sta. Lucia’s market capitalization upon listing will be P26.65 billion to P36.84 billion assuming the full exercise of the overallotment option.
The follow-on offering is slated to run from November 10 to 19, while the listing of the shares is set for November 26.
China Bank Capital Corp. is the sole issue manager, lead underwriter, and sole bookrunner for the offer.
SOURCE: Bilyonaryo
