Wednesday, June 14, 2006
CITISEC Online, a local brokerage company, submitted on Tuesday its final offer price for its maiden share sale to the public next month.
Citisec said it would sell 110 million shares, 25.6 percent of its issued and outstanding common stock, at P1.36 each.
The minimum subscription would be 1,000 shares and in multiples of 1,000 thereafter.
If the public offering pushes through, the company would be the first purely online broker to go public, and would be the second initial public offering for the year after First Gen Corp.
Industry sources earlier said Citisec will sell new shares at a minimum of P1 apiece to a maximum of P1.50 to raise from P110 million to P165 million.
A source said the company will use the proceeds for its market education services to increase its client base to 1,000 by year-end. Citisec has more than 300 clients to date.
The company will offer its shares mostly to domestic buyers. It will also offer shares online but will only do so through the Internet through its website, www.citiseconline.com.
--Cheryl M. Arcibal
http://www.manilatimes.net/national/2006/june/14/yehey/business/20060614bus13.html
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