The maiden share offering of Golden Haven Memorial Parks Inc., a leading death care development and services cocmpany owned by the Villar Group, drew strong demand from investors, with the issue more than two times oversubscribed.
Jose Anton Lichauco, president of Asian Alliance Investments Corp., the issue manager and lead underwriter handling the transaction, said in an interview the offering was received positively by investors because of good fundamentals.
He also cited the company’s close relationship and synergies with Vista Land & Lifescapes Inc., the property unit of the Villar Group owned by the family of the former senator Manuel Villar.
Lichauco said investors were attracted to Golden Haven because it was the first initial public offering this year. It is the first company engaged in memorial parks development in the Philippines to raise funds through the stock market.
Other companies engaged in the death care development and services are listed in the China and Hong Kong stock exchanges.
Demand for the company’s maiden share offering was not affected by the upcoming P40-billion IPO of Cemex Holdings Philippines Inc.
Golden Haven’s public offering period started on June 16 and ended on June 22. The listing of the shares with the Philippine Stock Exchange is tentatively set on June 29.
The offering period for Cemex Holdings’ shares, meanwhile, is scheduled from July 4 to July 11, with the listing date tentatively set on July 18.
Golden Have plans to use proceed from the IPO to finance acquisitions and growth expansion strategies.
The Villar Group in 2015 announced it planned to accelerate the expansion of Golden Haven by putting up a branch in at least 100 sites across the country.
Golden Haven started operations in 1984 with the development of a two-hectare memorial park in Las Piñas.
The company later began to expand, opening one in Cebu in 2003, followed later by memorial parks in Cagayan De Oro City, Zamboanga City, Santuario de San Ezekiel Moreno in Las Piñas, Iloilo and Bulacan. It also plans to open branches in Pampanga and Nueva Vizcaya provinces.
Once listed, Golden Haven will be the third company owned by the Villar Group to trade in the PSE.
The Villar family owns integrated property developer Vista Land & Lifescapes Inc. and Starmalls Inc.