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A cold storage company is using an IPO to raise money for expansion.

In order to acquire money for its development plans and to take advantage of opportunities in the expanding industry, ORCA Cold Chain Solutions, a pioneering cold storage company in the Philippines, is going public on the Philippine Stock Exchange.

ORCA announced its intention to sell 1,480,000,000 shares on Thursday, with an offer price of PHP0.88 per share.

The expected PHP841.1 million in net proceeds will be used, according to the business, for land purchases, building out current facilities to accommodate more value-added services, creating new cold storage facilities, and other general corporate reasons.

With a total capacity of 34,342 pallet positions or 34.3 million kilos, ORCA currently has two subsidiaries: Arendelle Cold Logistics, Inc. in Taguig, and Eisberg Cold Logistics, Inc. in Caloocan.

The cold storage sector has a total holding capacity of 550,000 pallet positions, or roughly 500,000 tons of different food goods, according to the Cold Chain Association of the Philippines.

Between 2022 and 2026, the industry is anticipated to grow by 8 to 10%.

The rise in demand for meat and processed frozen food products, the expansion of restaurants and other food-related businesses, and the robustness of the cold storage market are all factors in the industry that encourage the development of cold chain facilities in the nation, according to ORCA.

ORCA is one of the cold storage companies that assisted the government with the storage needs for the Covid-19 vaccine.

Its facilities meet the criteria of numerous Covid-19 vaccines made by Pfizer, AstraZeneca, Janssen, Moderna, Sinopharm, and Sinovac, and it has an installed capacity of vaccine storage for 1 million doses.

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