Bank of Commerce led by banker Michelangelo Aguilar on Wednesday received the green light from the Philippine Stock Exchange (PSE) to raise as much as P3.5 billion through an initial public offering.
The bank controlled by diversified conglomerate San Miguel Corp. is selling 280.60 million shares at a price of up to P12.50 per share starting March 16.
The final price for the fund raising activity would be determined on March 11 and the listing date of the bank with a ticker symbol “BNCOM” is tentatively scheduled on March 31.
The SMC-led bank said the proceeds from the share sale would be used to fund its lending activities, acquire investment securities, and finance its capital expenditure requirements.
PSE president and CEO Ramon Monzon said Bank of Commerce is certainly a welcome addition to the roster of banking stocks in the local market.
“This IPO will not only benefit the bank but its clients and future shareholders as well, more so now that it has been granted a universal bank license,” Monzon said.
About 10 percent of the BNCOM’s firm offer shares will be made available to local small investors, who may subscribe to the IPO through the PSE EASy website or mobile application.