SEC Approves the IPO of OceanaGold Philippines

The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) of common shares in OceanaGold (Philippines), Inc. for up to P7.88 billion.

In its March 12 meeting, the Commission En Banc resolved to render effective the registration statement of OceanaGold Philippines covering 2.28 billion common shares, subject to the company’s compliance with certain remaining requirements.

OceanaGold Philippines will offer to the public up to 456 million common shares, owned by selling shareholder OceanaGold (Philippines) Holdings, Inc., at a price of up to P17.28 per share.

Net proceeds from the offer are expected to reach P7.8 billion, which will go directly to the selling shareholder. The company will not receive any proceeds from the offer.

The shares will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE) under the symbol, OGP.

The IPO will run from April 22 to 26, with listing on the PSE scheduled for May 7, according to the latest timetable submitted by the company to the SEC.

The company tapped BDO Capital & Investment Corporation as the domestic underwriter and bookrunner for the offer, while CLSA Limited will serve as international underwriter.

OceanaGold Philippines is a subsidiary of multinational gold mining and exploration company OceanaGold Corporation. It operates the Didipio gold and copper mine in the northern Luzon region under a Financial or Technical Assistance Agreement with the government.

Mining operations at the Didipio Mine currently consist of sourcing ore from the underground mine and from its surface ore stockpile. The ore is processed through the company’s processing plant, producing both gold doré and copper concentrate.