SEC Approves P840 Million IPO of Caloocan City Hospital
A company building the Camarin Doctors Hospital, a medical facility located in Camarin, Caloocan City, has been granted approval by the Securities and Exchange Commission to list in the Philippine Stock Exchange. It will be the ninth company that will go public this year.
Optimum Quality Health Ventures will cover covering 2,296,000 shares and will offer 2,500 blocks composed of 100 shares each, with a price ranging from P200,000 to P400,000 per block. The shares will be traded over the counter through the hospital’s internal staff.
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According to its registration statement, the company expects to net P840.70 million from the offer. Proceeds will be used for loan payments, acquisition of medical equipment, payment of advances to stockholders, operating expenses, hospital construction, acquisition of hospital and office furniture, as well as payment of other professional fees.
Camarin Doctors Hospital has a price tag worth P499.88 million. The seven-story hospital will have a 105-bed capacity with a total floor area of 14,388 square meters on a 2,716-sq.m. property.
The intended market for the IPO will be medical practitioners and their relatives.
Physicians and other medical specialists who subscribe to the IPO will be qualified to practice at the hospital, subject to pre-qualification procedures.
Subscribers to the IPO will also be given benefits and privileges such as discounts on medical and dental services, which the stockholder, his/her spouse, dependents and natural parents may avail of at the Camarin Doctors Hospital.