SEC okays Ace Medical’s P1.44-B IPO
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Fri, 21 Dec 2018 17:16:55 +0000
THE Securities and Exchange Commission (SEC) has approved Allied Care Experts (Ace) Medical Center Iloilo, Inc.’s plan to raise as much as P1.44 billion from an initial public offering (IPO).
In an amended registration statement sent by the SEC to the media on Friday, the Iloilo province-based hospital operator said it wanted to offer as much as 36,000 shares priced between P25,000 and P40,000 apiece.
These shall be sold in 10-share blocks, with prices ranging from P250,000 to P400,000 per block.
In the event that all shares are sold, Ace Medical said it expected net proceeds to hit P956.9 million. The amount will be used for the construction of a new medical facility worth P382.77 million, medical equipment worth P278 million, professional fees of architects and engineers of up to P47.85 million, pre-operating expenses of P191.38 million, and hospital and office furniture and fixtures of P47.85 million.
The offer period will begin “upon approval until shares are fully subscribed,” the company said.
Ace Medical is the fourth IPO registrant this year. The first, property developer D.M. Wenceslao and Associates Inc., debuted on the Philippine Stock Exchange on June
29. Its shares opened 1.6 percent lower than its IPO price of P12 before shedding P1.74 or 14.5 percent to end the day at P10.26 each. The firm raised P8.1 billion from the offering.
The other two, packaged food brand Del Monte Philippines Inc. and consumer electronics firm Cal-Comp Technology Philippines Inc., had been set to list on the bourse this year. They are expected to do so in 2019.
Established in Iloilo City’s Jaro district on Dec. 10, 2014, Ace Medical is led by Chairman Amado Manuel Enriquez Jr. and President Ferjenel Biron.
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