OceanaGold Philippines IPO approved

MANILA, Philippines — OceanaGold Philippines Inc. is one step closer to its target for a P7.9 billion May initial public offering (IPO) after receiving approval from the U.S. Securities and Exchange Commission to launch the country’s first mining IPO in a decade. .

The U.S. Securities and Exchange Commission's all-powerful committee said on Tuesday it had approved the company's registration statement.

The local entity, part of Canadian-listed OceanaGold Corp., operates the Didipio gold and copper mine in Nueva Vizcaya, Luzon.

The IPO involved the sale of 456 million shares at a price of up to 17.28 pesos per share, valuing 100% of OceanaGold Philippines at nearly 40 billion pesos.

According to the latest schedule, the shares will be priced on April 17 this year, while the offer period will run from April 22 to April 26, 2024.

read: OceanaGold submits P7.9-B IPO bid

OceanGold Philippines will be listed on the main board of the Philippine Stock Exchange on May 7, 2024, with the stock code “OGP”.

Promotion period is from April 22nd to 26th

“The net proceeds from the offer are expected to be P7.8 billion and will flow directly to the selling shareholders. The company will not receive any proceeds from the offer,” the SEC noted.

Tiu-led Coal Asia made its public debut in 2012 and was the last mining company to list on the PSE. That same year, the late President Benigno Aquino III issued a ban on new projects.

read: OceanaGold Philippines budgets US$7 million for new Didipio mine

At the same time, OceanaGoldPhilippines hired BDO Capital & Investment Corp. as the domestic underwriter and bookrunner for the IPO, while CLSA Limited will serve as the international underwriter.

Its latest financial statement shows that although revenue grew by 20.2% to US$371.1 million, net profit in 2023 still fell by more than 51% from the previous year to US$26.8 million.

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Higher revenue sharing in favor of the government and non-cash charges of $31.7 million due to unpaid input value-added tax and excise tax weighed on earnings.

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