MANILA, Philippines - The Securities and Exchange Commission has approved the initial public offering of green energy property firm Italpinas Development Corp.
Based on the approved registration statement, Italpinas aims to raise as much as P220.8 million from its planned IPO involving up to 57.62 million primary shares.
The shares will be sold at a maximum P4.20 per share.
Proceeds from the offering will be used to fund capital expenditures for new projects, land banking and acquisitions, general working capital, and for retirement of existing obligations.
The offer will run from Nov. 3 to Nov.9 while the listing of the shares is slated on Nov. 16.
The company tapped Unicapital Inc. as issue manager and underwriter of the IPO.
Italpinas plans to develop around $200 million worth of sustainable real estate projects in the next six years. These projects range from mixed-use buildings to condotels, hotels, resorts and beach communities all over the country.
The company, formerly known as Italpinas Euroasian Design and Eco-Development Corp., is behind Primavera Residences, its first real estate project located in Cagayan de Oro.
Italpinas was formed by Italian architect Nati and his Filipino business partner Jojo Leviste in 2009.
Primavera Residences is a mixed-use eco-friendly condominium development in Cagayan de Oro City that incorporates many sustainability features.
The project is a 10-storey, twin-tower, mixed-use development located in Cagayan de Oro’s Pueblo de Oro Business Park.
The structures have been designed to withstand earthquakes of high intensities, the company said.