At least three mining firms to go public next year

Two mining companies are targeting to raise as much as P4 billion in fresh capital through an initial public offering (IPO) scheduled in the first quarter of 2008. Augusto Serafica, executive director for corporate finance of Asian Alliance Investment Corp., told reporters that these companies are seeking to raise between P500 million and P2 billion, respectively, from their IPOs. Aside from the two mining firms, Serafica said that another mining company is looking to list in the Philippine Stock in the second half of the year. This company, he added, needs to raise at least P1 billion in new funds. “Mining is capital-intensive. They need to do some fund-raising activities," he said of these companies which are seeking to list in the PSE. Serafica also said that his company may also handle the listing of companies which are engaged in real estate and tourism. “We’re going to have a full year in 2008," he said. For 2007, nine new companies have raised fresh funds via an IPO. - Cheryl Arcibal, GMANews.TV