Medium-sized Philippine lender International Exchange Bank (iBank) will sell 25 percent of its outstanding shares in an initial public offering planned in December to raise at least 1.34 billion pesos ($23.8 million).
Documents released by the Securities and Exchange Commission (SEC) on Monday showed the 9-year old bank will sell 8.35 million shares out of its 33.35 million outstanding shares. The bank's offer price will range between 160 and 190 pesos per share.
The IPO's issue manager and lead underwriter is ATR Kim Eng Capital Partners Inc The bank hopes to list its shares on the exchange in the first week of December.
It will be the Philippine Stock Exchange's second IPO this year, after oil exploration firm PetroEnergy Resources Corp's market debut on August 11.
iBank, which ranks 20th in terms of assets based on data on 42 Philippine banks, will use the proceeds from the IPO to increase its earning assets, which include interest bearings loans, notes, bonds, commercial papers and other instruments.
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