Sta. Lucia Land Inc. eyes to raise as much as P8.14 billion.
The company in a regulatory filing said it looks to issue as much as P2.7 billion primary common shares at P2.26-2.80 per share in a follow-on offering eyed between November 18-29, 2019.
China Bank Capital Corp. serves as underwriter, bookrunner and issue manager.
Sta. Lucia expects to raise between P6.1 billion to P8.4 billion, which will be used to partially finance capital expenditures (capex) for ongoing projects of as much as P6.78 billion, for strategic landbanking worth as much as P820 million and for general corporate purposes.
In May, the company said it looks to spend P20 billion as capex in the next three years to drive profit growth and expand its presence across the country.
“The company will allot more than P16 billion of its capex budget to develop a robust pipeline of projects in key locations within and outside Metro Manila, including Bulacan, Rizal, Batangas, Iloilo, Pangasinan, Palawan, Cebu and Davao,” Sta Lucia told regulators.
This year alone, the company said it is set to launch 28 new residential and commercial projects and five condominium/hotel projects that will generate an estimated P20 billion in reservation sales over the next three years.
“Meantime, the company plans to spend P4 billion to further expand its growing land bank,” it said.
Sta. Lucia is also expanding its leasing segment as it nears completion of Sta. Lucia Business Center, a six-storey office and commercial building with more than 14,000 square meters (sq.m.) of gross leasable area (GLA). Located at the Sta. Lucia Mall Complex, the new space will raise the company’s GLA to more than 150,000 sq.m.
In July, it said it is developing the 97-hectare Las Colinas Verdes in Eden, Davao.
Located off the Bayabas-Eden Road in Toril, Davao City, Sta. Lucia dubbed the project as the “Tagaytay of Davao.” It is a master-planned community “where homeowners can celebrate milestones and create special memories with friends and families,” the company said.
“This 97-hectare project is perfect for families and individuals in search of a tranquil sanctuary to locate their primary home as well as those looking for a second home outside the city,” it added.