The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of medical equipment distributor Medilines Distributors Inc. and the follow-on offering (FOO) of property developer Sta. Lucia Land Inc.
Medilines will offer to the public up to 550 million in primary common shares priced up to P2.45 each, plus a secondary offering comprising of up to 275 million shares to be sold by the company’s chairman, Virgilio B. Villar.
The shares will be listed and traded on the main board of the Philippine Stock Exchange Inc. (PSE).
The company expects to net P1.28 billion from the sale of the primary shares. It will not receive proceeds from the sale of shares by the selling shareholder, which could amount to P641.2 million.
Proceeds from the offer will be used to finance the company’s working capital to acquire existing products and the build-up of its medical consumables inventory, as well as to repay debt.
The IPO will run from November 11 to 17, in time for the company’s debut on the PSE on November 25, based on the latest timetable submitted to the SEC.
The company engaged PNB Capital and Investment Corp. as its sole issue manager, lead underwriter, and sole bookrunner for the offer.
Medilines is a distributor of medical equipment to both public and private health-care facilities in the Philippines. Its portfolio, which includes equipment from multinational medical device companies, primarily caters to specialized medicine, including diagnostic imaging, dialysis and cancer therapy.
Sta. Lucia Land, meanwhile, will offer to the public up to 2.5 billion common shares at an offer price ranging from P2.38 to P3.29 per share, with an oversubscription option of up to 500 million common shares. The shares will be listed and traded on the main board of the PSE.
The company, a developer in the second- and third-tier cities of the country, will use proceeds that could reach as much as P9.55 billion for capital expenditures of new and ongoing projects, payment of short-term debt, strategic land banking, and general corporate purposes.
The follow-on offering will run from November 10 to 19, with the shares to be listed on the PSE on November 26, according to the latest timetable submitted to the SEC.
Sta. Lucia Land tapped China Bank Capital Corp. as the sole issue manager, lead underwriter, and sole bookrunner for the offer.