The local bourse gave the go ahead on Wednesday, July 19 after the Securities and Exchange Commission (SEC) approved the IPO on Friday, July 14.
Chelsea Logistics plans to list 546.59 million new shares currently priced at P14.63 per share. The final price will be set on Thursday, July 20.
The company’s offer period is slated from July 24 to 31. Its tentative listing date is August 8.
BDO Capital will serve as the issue manager and sole bookrunner. Participating underwriter is BA Investments and Holdings Inc, while BDO Unibank Inc’s Trust and Investments Group will act as stock transfer agent.
Chelsea Logistics’ market capitalization is up to P26.66 billion, with 30 per cent of its 1,821,977,695 outstanding shares to be issued to the public.
In relation to the allocation for Local Small Investors (LSI), PSE approved the company’s request to increase the maximum allowable subscription of LSIs to P100,000 per LSI.
PSE noted that each LSI will be allowed to subscribe to a maximum of 6,800 offer shares or to a maximum amount of P99,484. The implementing guidelines for LSIs will be made available prior to the start of the offer period.
Engaged in the transport of passengers, cargos, petroleum, oil, chemicals, and other bulk products, Chelsea Logistics plans to use the IPO proceeds to acquire new vessels and vessel equipment, container and terminal equipment, as well as to buy other shipping and logistics companies.