COCONUT product manufacturer and exporter Axelum Resources Corp. on Monday said it cut the maximum offer price for its initial public offering to P5.72 per share.
The said ceiling price cut reduced its offer size to P6.46 billion from the previous P7.7 billion at its maximum price of P6.81 per share.
Axelum plans to sell up to 700 million primary shares and up to 430 million secondary shares. The final offer price will be announced on September 20. The offer period will run from September 24 until September 30, with the target listing date on October 7. Axelum, which will carry the trading symbol AXLM, is the second of three IPOs that have been approved by regulators so far this year.
“By updating the maximum offer price, we aim to optimize investors’ interest and appetite in our local stock market, include more investors while still maintaining funding for our strategic plans,” Axelum president Henry Raperoga said. The net proceeds from the primary offer will be used to fund the company’s strategic acquisitions, expand its domestic and international distribution networks, install new manufacturing facilities for new products, and improve and expand the company’s existing manufacturing facilities.