Corporate News

Regulators approve listing of 72 million Calata shares

Posted on March 02, 2012

BULACAN-BASED farm supplement distributor Calata Corp. has bagged the approval of the Securities and Exchange Commission (SEC) to conduct its initial public offering (IPO), the first firm for the year to get a go signal from the corporate regulator.

The company’s IPO was approved at yesterday’s SEC en banc meeting, documents showed.

Latest documents also showed that the company would be selling shares on April 2-4, while listing date is scheduled on April 19.

The company plans to list 72 million shares and generate P242 million in net proceeds to fund its expansion, its prospectus showed.

Calata said it would be offering 36.013 million primary and secondary shares with initial price pegged at P7.50 per share.

The net proceeds that will be generated from the offer will be used primarily by the company to establish additional distribution outlets nationwide and for general working capital requirement, the company said.

Bulk of the net proceeds amounting to P180 million will be spent for the “inventory of agricultural products,� while the remaining P36 million will be allotted for the “site development and building structure,� the prospectus showed.

The company has tapped Unicapital, Inc. as its underwriter while it has appointed BDO Unibank, Inc. Trust and Investment Group as it stock transfer agent.

According to its IPO prospectus dated Feb. 22, Calata posted 196% growth in comprehensive net income to P100.17 million versus P33.84 million in the previous year.

The filed its IPO registration back in December 2011. -- Cliff Harvey C. Venzon