TAGUM Global Medical Center, Inc. (TGMC) has filed an application with the country’s corporate regulator to conduct a P1-billion initial public offering (IPO).
In a statement Thursday, the Securities and Exchange Commission (SEC) said it received a registration statement from the hospital operator to offer 36,000 common shares.
The primary offer will be composed of 3,600 blocks with 10 shares per block, which it is selling at P200,000 to P400,000 each. The securities will be traded over the counter through Amerisa Anonas Anib, TGMC’s bookkeeper.
Proceeds from the offering, which is expected to be a net of at least P997.07 million, will be used primarily for the construction and development of Tagum Global Medical Center in Davao and the acquisition of medical equipment.
Specifically, P664.39 million will be allocated for the construction and development starting first quarter of 2020 through 2022; P301.81 million will be for medical equipment starting fourth quarter of 2022; and P30.87 million will be for pre-operating expenses starting second quarter of 2022.
The company broke ground on the hospital in February 2018, which it envisions will be the tallest building in the province of Davao with nine stories and a panoramic roof deck. Once up and running, the tertiary hospital will have a capacity of 179 beds.
TGMC is a member of the ACE Group of Hospitals, a local medical group that has had several of its member hospitals get approval to conduct IPOs in recent years.
Last December, ACE Medical Center — Legazpi, Inc. secured the go-ahead from the SEC to register 240,000 shares and sell 36,000 common shares for a total P1-billion IPO.
Among the other hospitals under the ACE Medical Group that have gained IPO approvals are ACE Medical Center — Iloilo, ACE Malolos Doctors; ACE Medical Center — Butuan; ACE Medical Center Gensan; ACE Dumaguete Doctors; and ACE Medical Center Bohol. —Denise A. Valdez