Business Technology, Finance Technology & Information Technology
The IPO of CTS Global Equity Group has been approved by the Securities and Exchange Commission.
MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved CTS Global Equity Group, Inc.’s initial public offering (IPO) for up to PHP1.375 billion.
The commission en banc decided on March 10 to make effective CTS Global’s registration statement covering 6.875 billion common shares, subject to the company’s fulfillment with certain outstanding requirements.
CTS Global will sell up to 1,375,000,000 common shares to the public at a price of up to PHP1 per share on the Philippine Stock Exchange’s Small, Medium, and Emerging Board (PSE).
The business expects to receive around PHP1.35 billion in net proceeds from the offering, which it will utilize to expand its worldwide trading operations, client account management, and general corporate reasons.
As a broker-dealer, CTS Global trades shares in the Philippine market as well as global markets such as the United States, China, Hong Kong, and Japan.
Edward K. Lee, the company’s chairman, is also the chairman of COL Financial Group, Inc., a publicly-traded brokerage firm.
According to the latest timetable provided to the SEC, the IPO would run from March 31 through April 6, with the PSE listing set for April 13.
SB Capital Investment Corporation was chosen by CTS Global as the issue manager, underwriter, and book-runner for the offering.
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