Sta. Lucia plans P9.9-B FOO


Sta. Lucia Land Inc. is planning to raise up to P9.87 billion from a planned follow-on offering (FOO) to fund its capital expenditures and pay for existing debt.

In a registration filed with the Securities and Exchange Commission, Sta. Lucia said it is planning a public offering of up to 2.5 billion common shares at an offer price of P2.38 to P3.29 per share, with an overallotment option of up to 500 million common shares.

Upon completion of the Offer, assuming the Over-allotment Option is fully exercised, the total outstanding shares of the Company shall be up to 11.2 billion common shares, and the Offer Shares will comprise up to 26.79 percent of the outstanding capital stock.

Assuming that the Over-allotment Option is not exercised, the total outstanding shares of the Company shall be up to 10.7 billion common shares, and the Firm Shares will comprise up to 23.37 percent of the outstanding capital stock.

At an Offer Price of P2.38 to P3.29 per share, the market capitalization of the Company upon listing will be P25.46 billion to P35.19 billion assuming no exercise of the Over-allotment Option or P26.65 billion to P36.84 billion assuming the full exercise of the Over-allotment Option.

Net proceeds from the offer will be used to partially fund the company’s capital expenditures for new and ongoing projects, strategic land banking, payment of short-term debts, and for general corporate purposes.

If priced at P2.38 per share, proceeds to be allotted for capex will amount to P1.96 billion to P3.05 billion, payment of short-term debut of P3 billion, P500 million for land banking, and P287.33 million to P344.93 million for general corporate purposes.

At P3.29 per share, P4.06 billion to P5.58 bilion will be earmarked for capex, P3 billion for debt payment, P500 million for land banking, and P397.93 million to P477.65 million for general corporate purposes.

The company engaged China Bank Capital Corporation as the sole issue manager, lead underwriter, and sole bookrunner for the transaction.