Online stock broker sets IPO
Online stockbroker CitisecOnline.com Inc has filed application with Securities and Exchange Commission (SEC) for its initial public offering of 110 million common shares with a par value of P1 per share and at the offer price of P1 to P1.50 per share.
The company is expecting to raise P110 million to P165 million, CitisecOnline.com Inc. disclosed in the prospectus.
The company estimated net proceeds of P100.96 million to P153.06 million to be used for company's expansion program and "to fund programs aimed at retaining customers and satisfying their requirements," citing its plans to launch aggressive customer acquisition programs.
The offered shares will represent approximately 25.6 percent of the issued and outstanding common shares of the company after completion of the offer.
Total funds required for this year amount to P53.5 million, of which 70 percent will be used for working capital requirements. Last year, the company's gross revenues stood at P37.5 million, down by 19.18 percent from 2004's P46.4 million.
On Aug. 16, 1999, CitisecOnline.com Inc. upon registration with SEC became a domestic corporation and started its commercial operations after two years. (CML)
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