Sultan Mining IPO Philippines

Coal miner Sultan Mining and Energy Development Corporation is all set to come out with its IPO or initial Public offering. It has recently obtained regulatory approval for its IPO.

What is the size of Sultan Mining IPO from Philippines?
The Sultan Mining IPO is expected to raise around P480-million (or USD 10.8 million) thorough it proposed IPO.

How many shares will be offered for sale through the Sultan Mining IPO?
A total of 480 million shares will be sold through the Sultan Mining IPO.
That constitutes one-third of the total shares of the company.

What is the price per share of the Sultan Mining IPO shares?
The shares of Sultan Mining IPO will be offered for sale at the price of P1.00 per share.

When will the Sultan Mining IPO open for subscription?
The Sultan Mining IPO will remain open for subscription from June 26 to July 2.

When will the shares of Sultan Mining IPO list on the stock exchanges?
The shares of Sultan Mining IPO will be listed on the Philippine Stock Exchange on July 9, 2008.

Where will the fund raised through Sultan Mining IPO be used?
Sultan Mining said the estimated net proceeds of P438.4 million will be used to partially finance the company's capital expenditures related to exploration activities.

What are the business valuations and other information about Sultan Mining IPO Philippines?
The company operates coal mines in Surigao del Sur in the southern Mindanao island.
Asian Alliance Investment Corp. is the sole issue manager and underwriter.

Sultan Mining's IPO follows that of San Miguel Brewery Inc., a unit of food and drinks group San Miguel Corp. SMBI's offering in late April raised around 6 billion pesos, or just a quarter of the amount originally targeted, after the company decided to cut the offer size to just 5.0 percent of its outstanding stock amid weak market sentiment. The shares were sold at 8 pesos each, the low end of the indicative range.

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