Sta. Lucia Land Inc. plans to raise as much as P8.4 billion in fresh capital through a share sale scheduled in December this year.
Sta. Lucia said in a filing with the Securities and Exchange Commission it would sell up to 2.7 billion common shares with an over-allotment of 300 million common shares through a follow-on offering.
The company is selling the shares at an offer price of between P2.26 and P2.80 per share. It tapped ChinaBank Capital Corp. as issue manager and underwriter of the offering.
Sta. Lucia plans to use the net proceeds from the offering to partially finance capital expenditures of existing projects, strategic land banking, and general corporate purposes.
It set the offering period from Nov. 18 to 29, and the listing date tentatively on Dec 9. The shares comprise up to 26.79 percent of the company’s outstanding capital stock.
At an offer price of between P2.26 and P2.80 per share, Sta. Lucia’s market capitalization upon listing will increase to between P25.30 billion and P31.35 billion.
Sta. Lucia is one of the leading real estate developers in the Philippines. The company earlier announced plans to spend P20 billion in capital expenditures over the next three years to expand its presence across the country.
Sta. Lucia is spending over P16 billion to develop a pipeline of projects in key locations within and outside Metro Manila, including Bulacan, Rizal, Batangas, Iloilo, Pangasinan, Palawan, Cebu and Davao provinces.
Sta. Lucia this year is set to launch 28 new residential and commercial projects and five condominium/hotel developments. The projects are expected generate an estimated P20 billion in reservation sales over the next three years.
Among the residential projects set for launching are Sotogrande Fairview, Acropolis Loyola in Quezon City Orchard Towers in Pasig City, Ponte Verde de Sto. Tomas and Yanarra Seaside Residences in Batangas, Colinas Verdes Expansion in Bulacan, Woodside Garden Village in Pangasinan, Metropolis in Iloilo, and Valle Verde in Cebu.
Sta. Lucia is also earmarking P4 billion for land banking activities to expand its presence nationwide.