Vista Land now listed, starting at P2.46 per share

New developer Vista Land & Lifescapes Inc. has successfully been listed on Monday by way of introduction its 6.42 billion shares at the Philippine Stock Exchange. The company's shares were listed under the symbol "VLL" simultaneously with the delisting of C&P Homes Inc., which is now a subsidiary after a share swap with major shareholders and a tender offer to minority shareholders. The one-for-one stock swap and tender offer were priced at P2.46 per share, which was also set as the initial listing price of Vista Land on Monday. C&P Homes last traded at P4.05 per share. Vista Land has already received the go-ahead from the Securities and Exchange Commission (SEC) for its planned initial public offering of up to 3.89-billion shares. The company also plans to sell up to 2.12 billion new shares in a primary offer while up to 1.265 billion shares will be offered by shareholders Fine Properties Inc., Polar Property Holdings Corp., and Adelfa Properties Inc. The selling shareholders have also granted the stabilizing agent a greenshoe option to sell up to 507.75 million Vista Land shares to cover overallocations in the international offer. The shares will be priced at an estimated range of P3 to P10 per share with the final offer price to be determined through a book-building process and negotiations between Vista Land, the selling shareholders, and issue managers. Net proceeds from the primary portion of the IPO at an assumed offer price of P6.50 per share, which is the midpoint of the estimated range of the offer shares, will amount to P13.2 billion. The company is alloting 2.708 billion primary and secondary shares through an international offering, while 677 million primary and secondary shares will be offered to domestic investors. The IPO shares, including the shares from the secondary offer and the greenshoe option, is equivalent to 45.8 percent of Vista Land's post offering capital. Switzerland-based UBS Investment Bank will be the sole global coordinator and bookrunner with ABN Amro Rothschild as co-lead manager while BDO Capital and Investment Corp. will be the lead domestic underwriter. Vista Land will use the proceeds between 2007 and 2008 to finance capital expenditures amounting to P7.166 billion and to settle loans worth P5.21 billion. It will set aside P800 million for operational working capital. - GMANews.TV