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SEC clears initial public offering of Datem, Metro Group

The Securities and Exchange Commission on Friday approved the initial public offerings of construction company Datem Inc. and Metro Retail Stores Group Inc. of the Gaisano family with a combined total proceeds of P10.8 billion.

Documents filed with the SEC showed the corporate regulator cleared the P6.17-billion maiden share offering of Metro Retail and the P4.65-billion share sale of Datem.

Both companies will conduct the IPOs in November.

Metro Retail will offer as many as 920 million shares with an over allotment option of 92 million shares at P6.10 apiece.

Proceeds from the offering will  fund expansion of store network, logistics and distribution center and working capital.

Metro Retail said it planned to open at least seven stores in 2016. It secured 10 more sites for stores that are expected to open in 2016 and 2017 while 30 sites remain under evaluation.

The final offer price will be set on Oct. 9, while the offering period will be held on Nov. 2 to Nov. 6.  Listing date is set on Nov. 12.

BPI Capital Corp. and Deutsche Bank are the lead underwriters for the offering.

Meanwhile, Datem plans to sell up to 329 million shares, including 257.5 million primary shares, 28.61 million secondary shares and 42.91 million over allotment shares, at an offer price of up to P14.15 apiece.

Proceeds from the IPO will be used to fund construction, real estate and water ventures.

First Metro Investments Corp. and BPI Capital Corp are the lead underwriters for Datem’s IPO.

Final offer price will be determined on Nov. 12 while offer period will be from Nov. 16 to Nov 24. Listing date was set on Nov. 27.

Datem, incorporated in 1984, is primarily engaged in the construction business. The company recently ventured into real estate, particularly affordable housing projects, and supply and treatment of bulk water.

Datem has housing projects in Angono, Cainta and Davao City and plans several projects in Bulacan, Iloilo, Laguna and Rizal.

Datem Water has a 15-year bulk water contract with Metro Kalibo Water District. The company is also on the lookout for more contracts in major cities in the country.

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