Philippine Business Bank to IPO

February IPO could earn some US$99 million.

PBB will issue 101,333,400 common shares through the initial public offering. In its prospectus, PBB said each share to be listed at the Philippine Stock Exchange will cost US$1.03.

The bank plans to use US$9.8 million of the IPO proceeds to fund capital expenditures. Proceeds will also pay for bank-branch licenses, build more branches, implement information technology projects and acquire assets.

PBB intends to spend some US$2.5 million to expand its national branch network and a further US$2.5 million to improve its IT infrastructure. The offer period starts on February 6 while the listing date is February 19.