Photo courtesy of Golden Haven Memorial Park

MANILA - Villar-owned Golden Haven Memorial Park has set its initial public offering (IPO) price at P10.50 apiece, below the maximum price it earlier set at P10.62.

The company is looking to sell 74.117 million new common shares, allowing it to raise as much as P778.2 million in the maiden offer.

The offer shares represent 15 percent of outstanding common shares of the company, and will be issued out of its authorized and unissued capital stock .

Asian Alliance Investment is the sole underwriter.

Golden Haven will use funds raised to develop existing memorial parks, buy more land, and construct new memorial chapels and crematory facilities within the Golden Haven Las Piñas Park.

The 34-year-old company currently has six memorial park projects, with a gross area of 55.18 hectares in Las Piñas, Cagayan de Oro, Bulacan, Cebu, Iloilo, and Zamboanga.



Golden Haven is the third company of former Senator Manny Villar to be listed at the Philippine Stock Exchange.

Aside from Golden Haven, the Securities and Exchange Commission has also approved the IPO of Cemex Philippines, the local unit of Mexico's giant cement company.

READ: Cemex, Golden Haven get regulator nod for IPO

Cemex is looking to raise P39 billion, the biggest IPO in Philippine history. Challenging economic conditions and extreme volatility have kept new players away from the markets in the first half of the year.