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MANILA, Philippines - Calata Corp. pegged the price of its initial public offering (IPO) at the ceiling of its guidance.
In a letter to the Philippine Stock Exchange, Unicapital Inc., the company's underwriter, said Calata will raise P270 million from the maiden share sale after setting the final price of its offering at P7.50 apiece.
The Bulacan-based agricultural distributor will sell 36.01 million primary shares, representing 10 percent of the company's issued and outstanding capital stock, in a public offering from May 10 to 16.
Based on the offer price, it will have a market capitalization of P2.7 billion upon listing of its shares on the second board on May 23.
Net proceeds of P242.41 million will be used primarily to establish retail outlets nationwide as the company embarks on an expansion program to sell agricultural products directly to end-consumers, farmers and other small dealers in the Philippines.
Registered with the Securities and Exchange Commission in 1999 under the name Planters Choice Agro Products Inc., Calata is the biggest distributor of agrochemicals, feeds, fertilizers and VetMeds in the Philippines.
Calata will be the third company to go public this year after GT Capital Holdings Inc. and EastWest Banking Corp.
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