iRemit IPO 5x oversubscribed
- Zinnia B. Dela Peña () - October 11, 2007 - 12:00am

The initial public offering (IPO) of I-Remit Inc. (iRemit), the country’s largest Filipino-owned non-bank remittance company, got off to a promising start as investors snapped-up the company’s shares since the offer period started last Oct. 5.

First Metro Investment Corp., issue manager and lead underwriter for the IPO, said the allocation for member brokers of the Philippine Stock Exchange (PSE) was 5.1 times covered, or 412-percent oversubscribed.

“This follows the successful institutional bookbuilding that was 3.7 times covered, or 270-percent oversubscribed,” said First Metro Investment executive vice president Jojo Marcelo. “The company’s strong fundamentals, the bullish sentiment at the Exchange, and the pricing strategy of the existing shareholders have all contributed to this result.”

The company priced the IPO at P4.68 per share, near the midpoint of the offer price range of P4 to P5.77.

The offer period ends on Oct. 11 and listing date at the PSE is on Oct. 17.

iRemit is offering 140.604 million common shares to the public, with 107.417 million new common shares by way of a primary offer and 33.187 million existing shares through a secondary offer.

Total proceeds expected to be raised is P658 million. Net proceeds from the primary offer, calculated at P476 million, will be used to finance expansion in existing and new markets, to augment working capital requirements, and to retire some of the company’s short-term debts.

COMPANY FIRST METRO INVESTMENT FIRST METRO INVESTMENT CORP I-REMIT INC JOJO MARCELO MILLION OFFER PHILIPPINE STOCK EXCHANGE
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