PSE okays Chelsea IPO application

MANILA — The Philippine Stock Exchange, Inc. (PSE) approved the initial public offering (IPO) listing application of shipping company Chelsea Logistics Holdings Corp.

The company, which will use the ticker symbol CLC, will be offering 546.59 million shares at a maximum price of PHP 14.63 per share.

The PSE also approved CLC’s request to increase its allocation for Local Small Investors (LSI) to a maximum allowable subscription amount of PHP100,000. Typically, under the LSI program, the IPO subscription shall not exceed PHP25,000 per subscriber.

“The general economic and market conditions provide a favorable backdrop for capital raising. We are optimistic that more companies will tap the stock market for their fund raising requirements in the coming months,” said PSE President and CEO Ramon S. Monzon.

The offer period of Chelsea is scheduled on July 24 to 31, 2017 while its tentative listing date is on Aug. 8, 2017. PR/