iRemit IPO price set at P4.68

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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 P4.00 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.

Check out these other related posts on Stock Trading!

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Here are interesting articles about Initial Public Offering!

About the Author

James Ryan Jonas teaches business strategy, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.1 Billion ($56 Million) worth of retirement funds on behalf of thousands of UP employees.

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3 thoughts on “iRemit IPO price set at P4.68”

  2. IRemit’s IPO is still in the primary offer stage, which means its stocks are not yet traded on the Philippine Stock Exchange. You need to contact your broker if you intend to purchase IRemit’s shares at this point.

    According to the news article, IRemit’s stocks will be traded on the PSE starting October 17.

    Reply

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