The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of stock brokerage firm CTS Global Equity Group, Inc. worth up to P1.38 billion.
The Commission En Banc resolved to render effective the registration statement of CTS Global covering 6.88 billion common shares, subject to the company’s compliance with certain remaining requirements.
CTS Global will offer to the public up to 1.38 billion common shares priced at up to P1 per share, to be listed on the Small, Medium, and Emerging Board of the Philippine Stock Exchange, Inc. (PSE).
Net proceeds from the offering is expected to amount to about P1.35 billion, which the company will use for the scaling of its global trading operations, client account management expansion, and general corporate purposes.
CTS Global is engaged in the trading of equities as a broker-dealer for the Philippine market, as well as global markets including the United States, China, Hong Kong, and Japan.
Its chairperson, Edward K. Lee, is also the chairperson of listed brokerage firm COL Financial Group, Inc.
The IPO will run from March 31 to April 6, with listing on the PSE scheduled for April 13, 2022, according to the latest timetable submitted to the SEC.
CTS Global has tapped SB Capital Investment Corporation as the issue manager, underwriter, and bookrunner for the offer.