Metro Manila (CNN Philippines, December 28) — CTS Global Equity Group has filed its initial public offering papers with the aim of raising up to ₱1.375 billion, the Securities and Exchange Commission confirmed.
The SEC said earlier this week that the stock broker will be selling 1.375 billion of its common shares priced at ₱1 apiece.
The shares represent 20% of CTS Global’s issued and outstanding common shares after the offer and consist only of primary shares, read its prospectus.
“The net proceeds from the Offer will be used to: (a) scale global trading operations, (b) expand the client account management segment, and (c) for general corporate purposes,” it further said.
CTS Global’s shares will be listed and traded on the Philippine Stock Exchange’s Small and Medium Enterprises (SME) Board, added the SEC.
The global equity trader tapped SB Capital Investment Corp. as the transaction’s issue manager, underwriter, and bookrunner.
