MANILA, Philippines — OceanaGold (Philippines) Inc. (OGPI), the operator of Didipio gold and copper mine in Nueva Vizcaya, hurdled the final regulatory clearance for its initial public offering (IPO), paving the way for its market debut on May 13.
In a statement, OGPI said it has received its final regulatory approval after the Securities and Exchange Commission (SEC) issued an order of registration and permit to sell for its IPO.
The SEC issued the clearances on April 26, OGPI said.
With the SEC’s approval, OGPI is now all set to become the market’s IPO curtain raiser this year.
The retail offer period for OGPI’s IPO will run from April 29 to May 6. OGPI has set its IPO price at P13.33 per share.
“This listing represents the first IPO in the mining industry in the Philippines in the last decade,” said Joan Adaci-Cattiling, OGPI president and general manager for external affairs and social performance.
“We have received strong interest to-date from both local and international institutional investors and we look forward to now opening up the IPO to local retail investors,” she said.
Earlier this month, OGPI received the notice of approval from the Philippine Stock Exchange, clearing its application for the listing of its common shares on the main board of the local bourse.
OGPI is a wholly owned subsidiary of Australian-Canadian firm OceanaGold Corp.
OceanaGold is selling its 20 percent stake in OGPI or about 456 million common shares.
According to OceanaGold, the proceeds from the IPO of OGPI will be used to repay its debt that stood at $135 million at the end of 2023.
OceanaGold earlier said its Didipio mine is on track to hit its 2024 production guidance after producing over 26,000 ounces of gold and 3,000 metric tons of copper in the first quarter.