PNB Holdings may tap market for follow-on offer next year
PNB Holdings Corp. (PHC), the property arm of Lucio Tan’s Philippine National Bank, may tap investors through a follow-on offering as early as next year, provided market conditions improve and the fund raising coincides with the launch of a major project or acquisition.
PNB Holdings Corp., a property company affiliated with Lucio Tan’s Philippine National Bank, may seek to raise additional funds through a share offering in the coming year, contingent upon favorable market conditions and alignment with significant projects or acquisitions, as revealed by its CFO, Ponciano Carreon Jr. During an interview with The STAR, Carreon indicated that the company could potentially launch a follow-on offering around late March or early April 2027, once the six-month lock-up period expires.
A follow-on offering refers to the sale of additional shares by a company that has already listed on the stock market, allowing existing shareholders and the company itself to offer more shares to investors. Carreon expressed optimism about the possibility of a follow-on offering within the next 12 months, should the market remain conducive.
PHC is set to debut on the Philippine Stock Exchange on September 25, with shares initially priced at roughly P1.20 each, reflecting a market value of about P56.3 billion based on an initial reference price near the lower end of an independent valuation range of P1.18 to P1.89. With approximately 46.93 billion shares outstanding, the company's listing is anticipated to bolster its flexibility in accessing various funding options, including equity, debt, or other forms of financing.
Carreon emphasized that PHC is not presently under pressure to raise fresh capital, thanks to its robust liquidity position, which would enable it to fund projects internally. However, the timing of any potential follow-on offering would hinge on market conditions and the need to finance an acquisition or development opportunity.
The company's expansion plans could be funded through a combination of internal resources, debt, and equity, with management aiming to maintain a conservative level of leverage. PHC is also exploring potential partnerships, joint ventures, and acquisitions as part of its broader strategy. Currently, the company's primary focus post-listing is to strengthen its financial position and prepare its properties for future redevelopment.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
