IPO Alert: Tagum Global Medical Center Files for P1 Billion Maiden Offering
Tagum Global Medical Center, Inc. is the second private company filing to go public this year after submitting its P1 billion prospectus to the Securities and Exchange Commission (SEC) on February 6.
The proposed maiden offering will sell 36,000 common shares, to be sold in blocks of 10 shares, totaling to 3,600 blocks of shares to be sold. To be offered in tranches, the first 1,400 blocks will be priced at P200,000 per block, and the remaining blocks will be sold at prices of P250,000, P300,000, and P400,000 per block.
The IPO is expected to raise around P997 million in net proceeds, which will be used toward the hospital’s construction, development, medical equipment, and pre-operating expenses.
Securities will be traded over the counter.
Tagum Global Medical Center, Inc. in Davao del Norte broke ground for its nine-storey, tertiary medical center in 2018. It’s expected to have a capacity for 179 beds.
This is the second IPO to be filed with the SEC this year after Injap Sia’s MerryMart filed for a P1.6 billion maiden offering in late January.