Stock Commentary

OceanaGold Philippines IPO approved by the PSE

Merkado Barkada
OceanaGold Philippines IPO approved by the PSE

OceanaGold Philippines [OGP 17.28 pre-IPO] [link] has had its IPO approved by the PSE. The placeholder price is listed at P17.28/share, but the price is scheduled to be updated on April 23. The offer period will run from April 29 through May 6, with the IPO tentatively scheduled for May 13. The company will list under the ticker OGP, with BDO Capital acting as the domestic underwriter and stabilizing agent. The basic terms of the offer remain unchanged from the preliminary prospectus OGP supplied to the SEC back in February: OGP’s parent company is selling 456 million shares (20% of the company) for P17.28/share to raise P7.88 billion. OGP is required to list under the terms of its mining tenure agreement with the government.

MB bottom-line: I didn’t think it would take until Q2 to get our first IPO, but here we are. Something is better than nothing! It’s been so long since our last IPO (REDC in July 2023) that it’s probably worth taking a few days to show readers how I read a prospectus and discuss the terms I care most about. As a gold miner, OGP is listing at an interesting time as gold is hitting all-time highs in the spot market, but anyone who has ever invested in gold miners will likely have a few stories to tell about how stock prices don’t always perform as you’d expect. 


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