Saint Pio’s Medical Center Inc. (SPMCI) is looking to raise up to P480 million through the sale of its shares.
It is putting up a hospital in Zambales.
The company has received regulatory approval for the fund raising that involve 16,000 common shares set to be sold at a price ranging from P10,000 to P300,000 per block, said the Securities and Exchange Commission.
“The shares will be traded over the counter through the company’s directors,” the SEC said.
The proceeds will be use to finance the construction of the company’s Zambales hospital, estimated to cost P392 million and to buy of medical equipment.
“The intended market for the IPO will be medical specialists and the public,” the SEC said.
SPMCI said physicians and other medical specialists who subscribe to at least one block, 10 shares, of he offer will be allowed to practice in the company’s hospital, “subject to restrictions, limitations, and obligations as may be imposed.”
