Manila, Dec. 1 -- The Securities and Exchange Commission (SEC) has approved the application of Allied Care Experts (ACE) Medical Center-Legazpi, Inc. for a PHP1-billion initial public offering (IPO).
In its meeting on Nov. 26, the commission en banc resolved to render effective the registration statement of ACE Legazpi for a total of 240,000 shares and to issue the corresponding order of registration and permit to sell securities upon the company's compliance with certain requirements.
ACE Legazpi will offer 36,000 common shares in five tranches at an offer price ranging from PHP200,000 to PHP362,500 for every block of 10 shares, in cash or installment. The shares will be traded over the counter.
The company expects to raise PHP996.59 mi...