The Securities and Exchange Commission has approved the initial public offering of Oceanagold (Philippines) Inc. seen generating P7.88 billion from investors.
The approval covers 2.28 billion common shares of which 456 million owned by the selling shareholder Oceanagold (Philippines) Holdings Inc for up to P17.28 per share.
Net proceeds of some P7.8 billion will directly benefit the selling shareholder. The mining company will not receive any.
The IPO will run from 22 to 26 April with the listing scheduled for 7 May.
BDO Capital and Investment Corporation had been tapped as domestic underwriter and bookrunner while CLSA Limited serves as international underwriter.
The shares will be listed and traded on the main board of the Philippine Stock Exchange under the symbol, OGP.
