San Miguel Corp.’s banking affiliate Bank of Commerce (BankCom) has raised P3.36 billion from its initial public offering (IPO).
In a disclosure to the Philippine Stock Exchange, Bank of Commerce said it debuted on the local bourse on March 31, following an IPO that ran from March 16 to 22, 2022.
The bank offered to the investing public 280.60 million common shares at P12.00 apiece.
“BankCom’s strategic vision in going public is to play a major role in the future of San Miguel and our country,” said SMC president and CEO Ramon Ang.
“We expect the bank to continue to grow in the coming years, achieve economies of scale, improve efficiency, and serve more Filipinos, from retail customers, small-to-medium enterprises, to major corporate clients, as Philippine economic growth gets back on track,” added Ang.
Proceeds from the bank’s IPO will fund its lending activities and finance capital expenditure requirements in connection with the upgrading of its automated teller machine fleet and its core banking system.
“The commitment from our shareholders during this IPO reflects the high level of trust that investors and clients have on significant growth opportunities for BankCom in the years to come,“ said BankCom president and CEO Michelangelo Aguilar.
BDO Capital & Investment Corp., China Bank Capital Corp., Philippine Commercial Capital Inc., and PNB Capital and Investment Corp. have been engaged as joint issue managers, joint lead underwriters, and joint bookrunners for the IPO. —KBK, GMA News
San Miguel’s Bank of Commerce raises P3.36B from IPO
Source: News Panda Philippines
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