Sta. Lucia Land Inc. eyes to raise as much as P9.87 billion through a follow-on offering.
The property developer formally filed for regulatory approval with the Securities and Exchange Commission (SEC) for the fund-raising that involves 3 billion shares, divided into an initial 2.5 billion shares and another 500 million shares for the greenshoe option, at an offer price of P2.38 to P3.29 per share.
China Bank Capital Corp. is tapped as sole issue manager, lead underwriter and Sole bookrunner.
Assuming a full subscription to the share sale at its maximum price of P3.29 apiece, the company said it would spend about P5.57 billion for its capital expenditures for the ongoing projects, P3 billion to pay for its short-term debts, P500 million for landbanking and P477.65 million for general corporate purposes.
“Aligned with the company’s growth objectives, Sta. Lucia continues to pursue real estate deals which can be developed into future residential and commercial projects. The company’s strategy for development is to focus on provincial areas that are largely ignored and under-served by its bigger competitors whose projects have, until recently, been concentrated in Metro Manila which is already congested and near saturation” it said.
“The company believes that sustained growth will come from the provinces and major cities outside of Metro Manila and have therefore prioritized establishing its presence there. The company believes that its expertise and knowledge in these areas will prove significant as it continues to expand its property footprint in these largely under-served areas,” it added.
Sta. Lucia has projects in 11 regions of the country.
