Golden Haven raises $16.5m from IPO in Philippine Stock Exchange

Visual from company website.

Golden Haven Memorial Park Inc raised $16.5 million (P778.2 million) in its initial public offering (IPO) debut on Wednesday. It is the first death-care company to list on the Philippine Stock Exchange (PSE).

It is also the first IPO conducted in the local bourse in 2016. Several firms had postponed their planned 2015 IPOs citing market volatility, and holding of general elections this year.

An affiliate of listed property developer Vista Land, owned by former Philippine senator Manny Villar, Golden Haven achieved its target figures with offer shares of 74,117,647 or 15 per cent of the total issued and outstanding common shares priced at P10.50 apiece. The offer period was conducted on Jun 16 to June 22, 2016.

The company’s chief operating officer Maribeth Tolentino told local media that the purely domestic offering was twice oversubscribed.

The Villar group intends to use the fresh capital for the memorial park business by expanding its present death care facilities, products and services.

Besides memorial parks, Golden Haven’s other death-care services include chapel, columbarium, crematorium and keepsakes such as urn and caskets.

Golden Haven recently disclosed that it plans to undertake land and site development of the undeveloped areas of its existing memorial parks, land acquisition, and the construction and completion of new memorial chapels and crematory facilities within the Golden Haven Las Pinas Park.

Also Read:

Cemex unit to launch Philippines’ biggest IPO, at $526m, this year

Philippines: Property firm Italpinas raises $4.4m in IPO debut, targets BPO, tourism sectors

SBS Philippines raises $22m from IPO, shares soar nearly 50% on debut

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.