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Manila Bulletin devider Business devider PSE greenlights BankCom's P4-B IPO

PSE greenlights BankCom's P4-B IPO

Published Mar 10, 2022 01:12 pm

The Philippine Stock Exchange (PSE) has approved the listing application of Bank of Commerce (BankCom) which is planning to raise up to P4 billion from a planned initial public offering (IPO).

The bank is planning to offer up to 280.6 million common shares at an offer price of up to P12.5 per share. There will also be an overallotment option of up to 42.09 million common shares to be sold by some shareholders.

The final offer price will be determined on March 11, 2022 after the bank conducts its book building process.

Bank of Commerce, which will be using the ticker symbol “BNCOM”, targets to conduct its IPO from March 16 to 22, 2022 while its tentative listing date is on March 31, 2022.

PSE President & CEO Ramon S. Monzon

“Bank of Commerce is certainly a welcome addition to the roster of banking stocks in the PSE. This IPO will not only benefit the bank but its clients and future shareholders as well, more so now that it has been granted a universal bank license,” said PSE President and CEO Ramon S. Monzon.

Ten percent of the BNCOM’s firm offer shares will be made available to local small investors (LSIs), who may subscribe to the IPO through the PSE EASy website or mobile application.

Net proceeds from the offer will be used to fund the bank’s lending activities, acquisition of investment securities, and finance capital expenditure requirements in connection with the upgrading of its ATM fleet and its core banking system.

BankCom has engaged BDO Capital & Investment Corp., China Bank Capital Corp., Philippine Commercial Capital, Inc., and PNB Capital Investment Corp. as joint issue managers, joint lead underwriters, and joint bookrunners for the transaction.

With a universal banking license, the bank will have more opportunities to generate and warehouse interest bearing assets like marketable securities, generate more fee-based income, and manage risk of securities underwritten and held for trading.

This will also enable the Bank to enhance its marketing relationship with existing and prospective clients in the large corporate and middle market segments as it will be carrying a broader range of products, from traditional working capital lines and term loans to project finance, initial public offerings, mergers and acquisitions, financial advisory, etc.

Related Tags

Philippine Stock Exchange index (PSEi) Ramon S. Monzon Bank of Commerce
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