ITALPINAS Development Corp. (IDC) looks to raise up to P650 million from the issuance of preferred shares.

In a disclosure to the stock exchange on Friday, the listed property developer said it has filed a registration statement with the Securities and Exchange Commission (SEC) for the issuance of 33,333,334 preferred shares to the public at up to P15 each.

The company has also set aside 10 million preferred shares for an over-allotment option.

The preferred shares will be non-voting, cumulative, non-participating, redeemable, convertible, and peso-denominated.

IDC earlier said that it will be spending P2-3 billion to expand its projects this year, financed through the preferred share issuance as well as bank loans.

The company is currently expanding Primavera City in Cagayan de Oro with the launch of two new residential towers with a mix of office spaces. The project will have a total of seven towers with about 1,400 residential units once fully developed.

It is also expanding its Miramonti project in Sto. Tomas, Batangas, which will house around 1,100 units across three towers on a 55,000-square meter property.

The company identified Lipa, Batangas; Subic, Zambales; and Dumaguete, Negros Oriental as potential locations for upcoming projects.

IDC’s net income attributable to the parent jumped 120% to P9.26 million in the first quarter of 2019, thanks to a 47% uptick in gross revenues to P107.55 million.

Incorporated in 2009, the company’s primary purpose is to engage in real estate development using knowledge in architectural design, market and demographic strategy, project development, and sales. Its projects mostly feature green and sustainable designs.

It also has a 25% equity stake in Constellation Energy Corp., which develops renewable energy facilities to provide clean energy to the Philippine grid.

Shares in IDC climbed 5.74% or 27 centavos to close at P4.97 each at the stock exchange on Friday. — Arra B. Francia