PHILIPPINES – Local construction firm Datem Inc. has deferred its upcoming initial public offering (IPO) to a later date, the company said in a letter to the Philippine Stock Exchange on Friday.
Target listing of the company’s shares at the stock exchange was originally set on end November 2015.
“The company will advise the Securities and Exchange Commission and the Philippine Stock Exchange of the revised timetable as soon as possible,” the letter, signed by Datem Vice President Mariano S. Agoncillo stated.
Last August, Datem Inc. has formally filed with the Securities and Exchange (SEC) an application for an IPO of its shares at a price of up to P14.15 per share, translating to about P4.6 billion in total proceeds.
The offer consists of up to 286,127,185 common shares and 42,919,078 optional shares pursuant to an over-allotment option, according to the company’s application.
Proceeds would be used to fund expansion activities in construction, housing and bulk water.
BPI Capital Corp. and First Metro Investment Corp. have been appointed as joint issue coordinators, joint lead underwriters and bookrunners for the offer.