THE Philippine Stock Exchange (PSE) has approved the listing applications of two firms for shares subject to a follow-on offering, with the conduct and the listing of shares still subject to their compliance with the exchange’s post-approval requirements.

Synergy Grid & Development Phils., Inc. (SGP) and The Keepers Holdings, Inc. received approval for their applications on Friday last week.

Synergy Grid will be offering to the public up to 1.05 billion common shares as part of its follow-on offering by way of primary offer, with an overallotment option of up to 101 million shares that will be offered by shareholders Henry Sy, Jr. and Robert Coyiuto, Jr.

Shares will be sold for P12 up to P17 apiece. The company is expected to finalize the offer price by Oct. 22.

At the higher end of the price range, the company may net up to P17.91 billion from the sale of primary shares.

“The issuer intends to use the net proceeds from the sale of the firm shares, primarily to subscribe to nonvoting preferred shares to be issued by [the National Grid Corporation of the Philippines], subject to applicable laws and regulations,” the PSE said.

It will not receive proceeds from the exercise of the overallotment option.

“The 4.1 billion SGP shares under escrow are the shares subject of the swap transaction whereby the company issued 2,050,200,000 common shares of SGP to each of Henry Sy, Jr. and Robert Coyiuto, Jr in exchange for shares in OneTaipan Holdings, Inc. and Pacifica21 Holdings, Inc., respectively,” the PSE said.

Synergy Grid is scheduled to conduct the offer from Oct. 26 to Nov. 2, while the listing of follow-on shares at the exchange is slated for Nov. 10. Shares will be listed on the main board of the PSE under the ticker symbol “SGP.”

The company assigned BofA Securities, Inc. and UBS AG Singapore Branch as the offer’s joint global coordinators and joint bookrunners.

BDO Capital & Investment Corp. was named sole domestic coordinator and it will be joined by BPI Capital Corp. and PNB Capital and Investment Corp. as joint domestic lead underwriters and joint bookrunners.

Meanwhile, Lucio L. Co’s The Keepers Holdings, previously Da Vinci Capital Holdings, Inc., received the green light for the listing of up to three billion common shares for its follow-on offering by way of primary offer.

Shares will be sold for around P2 to P2.50 each. The company is scheduled to set the final offer price on Oct. 28.

The company can raise as much as P7.5 billion at the high-end of the range.

Proceeds from the offer will be used for “strategic acquisition opportunities,” product portfolio, and distribution channel expansion, as well as for investments in distribution and logistics.

The Co-led company is being revived to operate via a liquor distribution business.

It entered a share-swap transaction with Cosco Capital, Inc. for shares in Montosco, Inc., Meritus Prime Distribution, Inc., and Premier Wine and Spirits, Inc. The Keepers Holdings issued Cosco Capital 11.25 billion common shares in exchange.

The Keepers Holdings’ offer period for the follow-on offering is scheduled to run from Nov. 4 to 10, while the listing of its follow-on shares at the stock market is set to Nov. 19. Shares will be listed under stock symbol “KEEPR.”

China Bank Capital Corp., PNB Capital, and SB Capital Investment Corp. were assigned as joint issue managers, joint lead underwriters, and joint bookrunners for the offer. — Keren Concepcion G. Valmonte