THE PHILIPPINE STOCK EXCHANGE, Inc. (PSE) has approved the maiden share sale planned by coconut products manufacturer Axelum Resources Corp. and home improvement supplies retailer AllHome Corp.

In separate notices on Wednesday, the bourse gave the final clearance for both companies to pursue their initial public offering (IPO) in October.

Axelum will be the first to conduct its IPO, from which it looks to raise up to P7.695 billion. The company will offer 400 million treasury shares and 300 million new common shares to the public, alongside 430 million existing common shares held by CP Compass Singapore Pte. Ltd, at a price of up to P6.81 per share.

This will give the company a public float of about 28.25% and market cap of 28.25% after listing.

Axelum hired First Metro Investment Corp. as transaction issue manager and bookrunner.

The company will set the final offer price on Sept. 19, in time for a Sept. 24-30 offer. Its shares are scheduled to be listed on PSE’s main board by Oct. 7.

Axelum will use the funds to expand its markets to the United States, Europe (including eastern Europe), Middle East and major countries in Asia.

Meanwhile, Villar-led AllHome is set to raise P20.7 billion in fresh capital from its IPO.

It will offer up to 1.125 billion shares made up of 750 million primary shares and up to 375 million secondary shares. It has also set aside up to 168.75 million shares for the overallotment option.

The offer price for the IPO will be finalized by Sept. 27, while the offer will run from Sept. 30 to Oct. 4. The shares are scheduled to be listed on Oct. 10.

Upon listing, AllHome will have a public float of 30%, with a market capitalization of up to P60 billion.

The funds raised from the issuance will be used for construction of 38 new stores until 2020, as well as for debt repayment.

The company tapped UBS AG, Singapore Branch as the offer’s sole global coordinator and joint bookrunner. CLSA Limited and Credit Suisse (Singapore) Limited will act as joint bookrunners, while PNB Capital & Investment Corp will act as local lead underwriter. China Bank Capital Corp. will also serve as co-lead local underwriter.

Axelum and AllHome will be the second and third companies, respectively, to go public this year after the maiden offering of property asset management firm Kepwealth Property Phils Inc. (KPPI). KPPI raised P384.8 million on the bourse on Aug. 19. It shares soared to P14 each on Wednesday, almost triple its P5.74 offer price. — Arra B. Francia