More firms to tap capital market in the Philippines

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Investors can look forward to more share sales in the remaining months of the year and possibly until early 2022, as more companies raise capital to prepare for recovery and growth after the pandemic.

The Securities and Exchange Commission (SEC) approved the initial public offering (IPO) of Haus Talk Inc. and the preferred share offering by EEI Corp.

In its meeting on Nov. 18, the SEC approved the IPO of Haus Talk covering 2.5 billion common shares and of EEI covering 60 million perpetual preferred shares, subject to the companies’ compliance with certain remaining requirements.

Haus Talk is a residential real estate developer led by the Madlambayan family with projects in Antipolo City and Laguna. Since its organization in 2004, the company has sold almost 1,900 housing units, with about 2,300 units in development until 2023.

According to the registration statement submitted to the SEC, Haus Talk will offer to the public up to 500 million common shares at a maximum price of P1.50 per share. The shares will be listed and traded on the Small, Medium, and Emerging Board of the Philippine Stock Exchange (PSE).

It expects to net up to P723.7 million from the offer, to be used for land acquisition, project development, and general corporate purposes.

Haus Talk tapped Investment & Capital Corp. of the Philippines as the issue manager and underwriter for the offer.

EEI Corp., a member of the Yuchengco Group, will offer 40 million non-voting perpetual preferred shares at an offer price of P100, with an oversubscription option of up to 20 million preferred shares.

The listed construction company could net up to P5.9 billion from the offer, assuming the oversubscription option is fully subscribed. Proceeds will be used to partially finance EEI’s future projects, to pay existing short-term loans, for capital expenditure for new equipment, and for general corporate purposes and working capital requirements.

EEI’s preferred share offer is slated to run from Dec. 9 to 15, in time for the shares’ listing on the PSE on Dec. 24.

The company tapped RCBC Capital Corp. as the sole issue manager for the offer, which will also serve as joint lead underwriter and bookrunner alongside SB Capital Investment Corp.

Source: https://www.philstar.com/business/2021/11/22/2142892/more-firms-tap-capital-market

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