Bank of Commerce, the lending arm of conglomerate San Miguel Corp., priced its initial public offering at P12 per share, the company said in a filing with the stock exchange over the weekend.
The final offering price is slightly lower than the guidance and the maximum level of P12.50 apiece, as the IPO comes amid volatile market conditions brought about by the Russia-Ukraine war.
BoC will raise up to P3.36 billion from the sale of 280.6 million common shares based on the final price offer.
The public offering will run from March 16 to 22, with listing on the main board of the local bourse scheduled on March 31.
About 10 percent of BoC’s firm offer shares will be made available to local small investors, who may subscribe to the IPO through the PSE EASy website or mobile application.
“Bank of Commerce is certainly a welcome addition to the roster of banking stocks in the PSE. This IPO will not only benefit the bank but its clients and future shareholders as well, more so now that it has been granted a universal bank license,” said PSE president and chief executive Ramon Monzon.
BoC provides banking products and services in deposit, commercial loans, credit card services, consumer banking, corporate banking, treasury, asset management, transaction banking and trusts and investments.
It had a network of 140 branches and 257 ATMs as of Sept. 30, 2021.
The bank tapped BDO Capital & Investment Corp., China Bank Capital Corp., Philippine Commercial Capital Inc. and PNB Capital Investment Corp. as the joint issue managers, joint lead underwriters and joint bookrunners for the transaction.
BoC will be the fourth company to list on the local bourse this year. The first three were Haus Talk Inc., Figaro Coffee Group Inc. and Citicore Energy REIT Corp.
Other companies that filed for IPOs include CTS Global Group Inc., Balai ni Fruitas Inc. and Raslag Corp.