The Securities and Exchange Commission said Friday it approved the P1.375-billion initial public offering of CTS Global Equity Group Inc. owned by veteran stockbroker Edward Lee.
CTS Global plans to offer of up to 1.375 billion common shares at P1 apiece. The company will be listed on the small, medium, and emerging board of the Philippine Stock Exchange.
Net proceeds from the offering will be used to support the company’s global trading operations, client account management expansion, and general corporate purposes.
CTS Global trades equities as a broker-dealer for the Philippine market and global markets including the United States, China, Hong Kong, and Japan. The company has pool of more than 30 traders who actively manage a combined capital amounting to P550 million.
The IPO will run from March 31 to April 6, with listing on the PSE scheduled on April 13, according to the timetable submitted to the SEC.