A FOLLOW-ON offering of DoubleDragon Properties Corp. reaching P6 billion has been approved by the Philippine Stock Exchange (PSE).
According to DoubleDragon, proceeds from it would fund its “hyper” growth phase.
As much as 150 million new common shares at a price between P30 and P40 per share would be sold to the public.
PSE’s offering circular stated that DoubleDragon’s follow-on offering would run from June 4 to 8.
On the other hand, the listing of the new shares had been tentatively set for June 18.
DoubleDragon said it would utilize the net proceeds to expand its hospitality and industrial leasing businesses.
In its hospitality business, DoubleDragon targets to open 5,000 hotel rooms by 2020.
In its industrial leasing business, on the other hand, it plans to add 200,000 square meters of leasable space by 2020.
To further fuel future growth, DoubleDragon disclosed it also plans to acquire more land.
This follow-on offering is seen to open up opportunities for foreign investors to take part in the company’s next stage of growth. According to DoubleDragon, when it debuted on the PSE in April 2014, there was limited opportunity for large institutional investors to participate.
For this follow-on offering, the domestic lead underwriters and bookrunners are Maybank ATR Kim Eng Capital Partners Inc. and BPI Capital Corp.
The international bookrunners and lead managers, on the other hand, are UBS AG Singapore branch, Maybank Kim Eng Securities Pte. Ltd. and Credit Suisse (Singapore) Ltd../PN
