Splash Corp. gets PSE nod for IPO

The Philippine Stock Exchange has approved the application of local personal care firm Splash Corp. to sell its shares via an initial public offering before the year ends. Splash Corp. plans to raise anywhere between P1.9 billion to P2.5 billion through the share offer of up to 223.85 million shares. The shares to be offered will comprise 30 percent of the company’s total issued and outstanding stock after its listing at the first board of the PSE. The company has already received the Securities and Exchange Commission's approval of its IPO application. “We are now focusing on the listing in mid-November which would give us enough time to plan our next steps and ensure profitability for our future investors. The IPO will fast track the company’s expansion of new products as well as planned brand acquisitions to increase our market lead," Splash Corp. chief finance officer Noel Manucom said in a statement released to media on Thursday. According to the documents filed in the PSE, Splash is selling 188.85 million new common shares and 35 million existing shares offered by Splash Holdings, Inc., through a secondary offer at an offer price of P8.60 to P11.18 each. SB Capital Investment Corp and First Metro Investment Corp. have been tapped as lead underwriters for the planned listing scheduled next month. Splash said in its prospectus that it plans to use the proceeds from the IPO for research and development, brand marketing initiatives and acquisitions. The company recently reported a 1,300-percent jump in net income for the first half of 2007 at P144 million from P10.23 million in the same period last year, mainly due to new product offerings and improvements of supply chain efficiencies. - GMANews.TV