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May 27, 2024

Bank of Commerce raises P3.36B in successful IPO

Bank of Commerce led by bankero Michelangelo Aguilar raised P3.36 billion and made stock market debut at the Philippine Stock Exchange (PSE) today under the ticker “BNCOM.”

The banking arm of San Miguel Corp. sold 280.6 million common shares at P12 per share via an initial public offering (IPO) from March 16 to 22.

“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,“ the bankero said.

Proceeds from the Bank’s IPO will fund the Bank’s lending activities and finance capital expenditure requirements in connection with the upgrading of its ATM fleet and its core banking system.

San Miguel president and CEO Ramon S. Ang said the strategic vision of Bank of Commerce is to be at par with the country’s leading domestic banks.

“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,” Ang said.

BDO Capital & Investment Corp., China Bank Capital Corp., Philippine Commercial Capital Inc., and PNB Capital and Investment Corp. served as joint issue managers, joint lead underwriters, and joint bookrunners for the IPO.

The shares of BNCOM hit a high of P12.58 per share after opening at P12.50 per share. As of 12 noon, it gained 10 centavos to P12.10 per share.