Philippines: Chelsea Logistics all set for $157m IPO

Visual from company's Facebook page.

Chelsea Logistics Holding Inc has received the approval of the Philippine Stock Exchange (PSE) for its $157.2 million (P8 billion) initial public offering (IPO).

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.

This will be the second company of the holding firm Udenna Group to go public, after its sister company Phoenix Petroleum Philippines Inc which celebrated its 10th listing anniversary last week.

Also Read:

Philippines: Logistics firm LBC Express raises $50m from Crescent Point

Philippines: Phoenix Petroleum buys Petronas Energy, Duta for $126m

Philippines: Phoenix Petroleum disposes two companies for $59.7m

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.