The Securities and Exchange Commission (SEC) has approved the P7.88- billion initial public offering (IPO) of OceanaGold (Philippines) Inc.
The local unit of Vancouver-based Oceanagold is looking to sell to the public 456 million common shares, owned by shareholder OceanaGold (Philippines) Holdings Inc., at a price of up to P17.28 per share.
The company will not receive any proceeds from the offer, which is being done as part of the company’s financial technical assistance agreement with the government for its Dipidio gold and copper mine that requires that it lists 10 percent of its stake in the Philippine Stock Exchange.
The IPO is eyed to run between April 22 and 26, with listing on the by May 7.
Mining operations at the Didipio Mine currently consist of sourcing ore from the underground mine and from its surface ore stockpile. The ore is processed through the company’s processing plant, producing both gold doré and copper concentrate.
Oceanagold tapped BDO Capital & Investment Corp. as the domestic underwriter and bookrunner for the offer, with CLSA Ltd. as international underwriter.