Asia United Bank, one of the financial institutions in the Philippines, is seeking to raise as much as Php 9.7 billion or US$236 million through an initial public offer of its shares. The IPO was confirmed through documents filed with regulatory authorities.
Asia United Bank is the latest institution to tap the stock market in the Philippines, now becoming a top investment destination in Southeast Asia. The volume of the IPO would be 88 million primary common shares costing Php 110 per share.
The move comes after the Philippines had a record setting IPO and other accessory deals in 2012, totalling US$2.53 billion. The Philippine share index hit its highest on record last Monday and has become the best performer in the Southeast Asian region. The Philippine economy has been boosted by optimism on its performance.
The Securities and Exchange Commission approved the IPO offer and the pricing would be finalized by May 3 as the listing is to be made on the Philippine Stock Exchange by May 17.
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