MANILA, Philippines – Builder Datem Incorporated has deferred its planned P4.66-billion ($99.23 million) initial public offering (IPO), the terms for which could be changed.
"Please be advised that Datem, Incorporated, together with BPI Capital Corporation and First Metro Investment Corporation as joint issue coordinators and joint lead underwriters and bookrunners, is deferring the company’s upcoming initial public offering to a later date," Datem Vice-President Mariano Agoncillo said in a letter on Friday, November 19 to the Philippine Stock Exchange.
The construction firm did not disclose the reason for the delay or when it plans to push through with its equity offer.
"The company will advise the Securities and Exchange Commission and the Philippine Stock Exchange of the revised timetable as soon as possible," Datem said in the disclosure.
"In this connection, the company reserves the right to adjust the terms of the offer," it added.
Datem had said it was planning to raise P4.66 billion ($99.23 million). This is through selling 286.127 million new and secondary shares, as well as up to 42.919 million shares to cover the oversubscription option at a maximum price of P14.15 ($0.302) per share.
The original offer period was from November 24 to December 1, with a listing at the PSE Main Board scheduled on December 8.
Datem would have ended up with 15% public ownership.
The builder has around 30 ongoing projects with developers such as Megaworld Corporation, Shang Properties Incorporated, Greenfields Development Corporation, Federal Land Incorporated, and Robinsons Land Corporation.
IPO candidates waiting for regulatory approvals are Pointwest Technologies Corporation, TVI Resource Development Philippines Incorporated, Gweilo Corporation, Philippine Primark Properties, Green Power Panay Philippines Incorporated, and Philstocks Financial Incorporated. — Rappler.com
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