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.