The Securities and Exchange Commission (SEC) has given its approval for the Php 7.9 billion initial public offering (IPO) of OceanaGold Philippines, Inc. (OGP), the local arm of the Australian-Canadian mining company OceanaGold.
OGP operates the Didipio mines situated in Nueva Vizcaya province.
In a statement on Tuesday, SEC said that it has approved the registration statement of OGP, covering 2.28 billion common shares, contingent upon the company meeting specific remaining criteria.
Under the IPO, OGP looks to offer up to 456 million secondary common shares, held by selling shareholder OceanaGold Philippines Holdings Inc. at a maximum price of Php 17.28 per share. This accounts for 20% of OGP’s outstanding capital stock.
Proceeds from the IPO will be channeled directly to the selling shareholder, with no funds allocated to the company itself.
The shares are set to be listed and traded on the main board of the Philippine Stock Exchange (PSE) identified by the symbol OGP.
Scheduled to take place from April 22 to 26, with listing set for May 7 on the PSE, OGP’s IPO will mark the debut listing on the local exchange this year.
BDO Capital & Investment Corp. has been listed as the domestic underwriter and bookrunner for OGP’s IPO, with CLSA Limited serving as the international underwriter.
