iRemit IPO price set at P4.68; offer starts today
October 5, 2007
iRemit (I-Remit) Inc., the largest Filipino-owned non-bank remittance company in the Philippines, has set the price for its initial public offering (IPO) at P4.68 per share.
The IPO shares were priced at the mid-point of the indicative price range of P4 to P5.77 per share.
The offer runs from today, October 5, until October 11 and involves 140.6 million common shares, of which 107.4 million are new shares and 33.2 million are shares currently held by existing shareholders.
The offer represents 25% of the company's enlarged capital stock.
Listing on the local bourse has been set for Oct. 17.
At the offer price of P4.68, iRemit is expected to raise about P658 million from the IPO which it plans to use to finance its expansion in existing and new markets, augment working capital requirements, and retire some of the company’s short-term debts.
iRemit will be the first to list on the exchange following the market's sharp correction in August that was triggered by concerns about the housing and credit problems in the US.