DOUBLEDRAGON PROPERTIES Corp. announced on Friday that the stock exchange has approved the updated timetable for its follow-on offering, which could raise up to P6 billion to fund the company’s projects.
In a statement, the company said the Philippine Stock Exchange (PSE) approved on June 1, 2018 the offer timetable in relation to its primary offer of up to 135 million common shares, with an over-allotment option of up to 15 million common shares.
The shares are priced at a range of P30 to P40 apiece.
DoubleDragon said the pricing date of the follow-on offering will be on June 21. The notice of final offer to the PSE and the Securities and Exchange Commission will be on June 22.
The offer period by domestic lead underwriters and bookrunners will be on July 2-6.
The submission of firm order and commitments by the PSE trading participants will be on July 4, while the trading participants and retail offer settlement date will be on July 6. The listing date will be on July 13.
The follow-on offering will be available to both retail and institutional investors, and the company is scheduled to conduct domestic and international roadshows from June 18-21.
DoubleDragon previously said the offering is an “important step” for the company and will “catapult [it] to new levels.”
It said the shares on offer would be a great opportunity for key investors to take part in the “hyper growth” years of the company as it approaches the completion of its 2020 target portfolio of 1.2 million square meters of prime leasable space.
The funds raised from the offering will be used to fully finance the roll-out of 100,000 square meters of leasable industrial warehouse space in various parts of Luzon, Visayas and Mindanao.
The amount raised will also fuel the company’s hospitality arm to achieve its goal of hitting 5,000 hotel rooms by 2020.
The balance of the proceeds will be set aside for potential acquisitions and landbanking activities as well as corporate purposes.
On Friday shares in the company slipped 1.03% to close at P28.90 each. — Victor V. Saulon