PSE okays AllHome, Axelum IPOs
MANILA, Philippines — The Philippine Stock Exchange Inc. on Thursday said it approved the planned initial public offering of coconut products maker Axelum Resources Corp. and home furnishing chain AllHome Corp. — the second and third companies to go public this year.
Axelum — which will use the stock symbol "AXLM” — will offer a total of 1.13 billion shares at a price of up to P6.81 apiece.
The coconut producer and exporter looks to raise up to P7.695 billion from its maiden share sale to fund its market expansion plans abroad.
Meanwhile, AllHome, with the ticker "HOME,” will sell a total of 1.125 billion shares for P16 each.
The company owned by the Philippines’ richest man, Manny Villar, is set to raise P20.7 billion in fresh funds from its stock market debut to be used for capital expenditures and debt repayment.
The bourse said the scheduled offer period of Axelum and AllHome are from September 24 to 30 and September 30 to October 4, respectively.
"We are excited with the back to back maiden offerings as we know investors have been waiting for IPOs in the stock market,” PSE President and CEO Ramon Monzon was quoted as saying in a press release.
“We are pleased that Axelum and AllHome decided to raise capital through the equities market as both companies are a welcome addition to the roster of listed firms in the Exchange," Monzon added.
Kepwealth Property Philippines Inc. was first company to do a maiden listing this year. — With a report from BusinessWorld
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