SEC Approves P1.375 Billion IPO of Equities Broker CTS Global

Over two months since it first announced the plan, CTS Global Equity Group is going ahead with its initial public offering after regulators gave it the green light. 

The Securities and Exchange Commission (SEC) okayed the broker-dealer’s application for the IPO worth up to P1.375 billion that will cover 6.875 billion common shares.

CTS Global will offer up to 1.375 billion common shares priced at P1 each. The stock will be listed on the Small, Medium, and Emerging Board of the Philippine Stock Exchange, Inc. (PSE).

According to CTS Global’s prospectus, net proceeds from the offer—which could amount to P1.35 billion—will be used to scale its global trading operations, client account management expansion, and general corporate purposes.

As a broker-dealer, CTS Global, which was formerly known as Citisecurities Inc., engages in the trading of equities for the Philippine market, as well as global markets including the United States, China, Hong Kong, and Japan. Its chairperson, Edward K. Lee, is also the chairperson of listed brokerage firm COL Financial Group, Inc.

According to reports, the company’s 30 individual traders manage total capital of about P550 million.

The company first announced plans to go public in December 2021. The IPO will run from March 31 to April 6, with listing on the PSE scheduled for April 13.

 
CTS Global tapped SB Capital Investment Corporation as the issue manager, underwriter, and bookrunner for the offer.