Financial advisory firm eyes IPO

Pikeville Resources Inc., a financial advisory and management services firm, is planning to raise P7.8 million from an initial public offering (IPO) of shares to fund working capital requirements.

Listed as officers and directors of Pikeville are Reynaldo Reyes who serves as chairman and president, Lapanday Holdings chairman Martin Lorenzo (vice-chairman), Rene Benitez (executive vice-president), Gilbert Garchitorena and Andres Del Rosario.

Based on the registration statement filed with the Securities and Exchange Commission (SEC), Pikeville is selling a total of six million common shares at P1.30 each. The shares will be listed on the small and medium enterprise board of the Philippine Stock Exchange (PSE).

The company’s planned IPO has already been cleared by the SEC Thursday while its listing application is still pending approval by the PSE.

Tapped as lead underwriter for the offering is Abacus Capital & Investment Corp.

Pikeville is a service-oriented entity tapping into new markets such as business process outsourcing and the call referrals system. It has done several projects with Fortman Cline Australasia, which offers transaction advisory services to Australian companies.

The company has an authorized capital stock of 15 million shares, 17.114 million of which are issued and outstanding.

Out of the expected proceeds, P4.47 million will be used to fund working capital requirements, P1.22 million will be channelled to business development and P600,000 for training and development.

As of end-September 2006, Pikeville reported a net profit of P528,400 on revenues of P3.34 million.

Operating income amounted to P490,300.

The company had assets of P27.94 million as against liabilities of P5.35 million.