SEC gives P2.7-B Concepcion Industries IPO the green light

The P2.7-billion initial public offering of Concepcion Industries next month was approved by the the Securities and Exchange Commission en banc Tuesday, SEC Commission Secretary Gerard Lukban told reporters. 

 

In a filing with SEC, Concepcion Industries noted it will sell 74.96 million primary and secondary shares at P31.45 per share, with another 11.24 million shares for overallotment. The offer period was slated for Nov. 5 to Nov 11, with a listing date set for Nov. 15.

 

The home appliance maker said 70 percent of the offer shares will be allotted to overseas investors and 30 percent to domestic buyers.

 

Maybank ATR Kim Eng Capital Partners Inc. was hired to underwrite transaction.

 

Concepcion Industries makes air conditioning units, refrigerators and freezers for the domestic market, with notable brands that include Carrier, Condura, Kelvinator and Toshiba-Carrier.

 

The Concepcion Group and the Carrier Corp. of the United States formed Concepcion-Carrier Air Conditioning Co. in 1998. 

 

The company has a 35 percent market share of the Philippine air conditioning industry. – VS, GMA News