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June 24, 2024

Bank of Commerce pegs IPO price at P12 per share, to raise P3.37B

Bank of Commerce led by bankero Michelangelo Aguilar has set the final price of its initial public offering (IPO) at P12 per share.

The fund raising activity is selling 280.602 million shares from March 16 to 22 to raise P3.367 billion. Tentative listing date is on March 31.

According to Bank of Commerce, the proceeds of the fund raising activity will be used to upgrade the bank’s fleet of automated teller machine as well as its core banking system.

Bank of Commerce has a network of 140 branches and 257 ATMs nationwide.

The bank has tapped BDO Capital & Investment Corp., China Bank Capital Corp., Philippine Commercial Capital Inc. (PCCI), and PNB Capital Investment Corp. as joint issue managers, joint lead underwriters, and joint bookrunners.

Last December, the Bangko Sentral ng Pilipinas (BSP) upgraded the license of Bank of Commerce to a universal from a commercial bank, allowing it to provide a much broader range of products and services essential to conglomerates and businesses.

The bank has a strong capital position after obtaining a P5.5 billion capital infusion of SMC Equivest.

SMC President and CEO Ramon Ang earlier said that the banking sector is crucial to the country’s full economic recovery from the impact of the COVID-19 pandemic.