The offering consists entirely of secondary shares
to be sold by the selling stockholders who will receive all of the proceeds.
By selling a mix of primary and secondary shares
, the plan would raise fresh funds for MPHHI while also pushing an asset selldown for its parent conglomerate Metro Pacific Investments Corp.
Cal-Comp in its filing said it will offer some 371.42 million shares for its primary offering with an overallotment option of 55.71 million secondary shares
for up to P25 apiece, or raising a total of P10.68 billion.
Documents filed with the SEC show that the firm plans to offer 371.42 million shares (Firm shares) with an overallotment option of 55.71 million secondary shares
for up to P25 apiece.
SMFB cut the offer size from 1.02 billion secondary shares
which were originally priced at P140 per share.
They said the deal, which is likely to be carried out in tranches, will include purchase of primary and secondary shares
. Another person said, early investors like Tiger Global could look at a complete exit from the e-commerce company post the transaction.
Atlas Mara will also purchase applicable secondary shares
from local shareholders, resulting in the company havinga controlling stake of over 70% in the combined entity.
According to the prospectus, it would consist of all secondary shares
as it is not intended to offer primary shares.
As a result Isovoltaic's free float is to reach 45%, consisting mostly of secondary shares
, sold by current stockholders.
The company will receive no proceeds from the sale of the secondary shares
They are offering 33 percent of KDG s share capital, before a greenshoe, confirming an earlier Reuters report that they intended to sell a smaller stake than the 45 million of secondary shares
mentioned in KDG s prospectus.