MANILA, Philippines – Chelsea Logistics Corp., the logistics company of businessman Dennis Uy, is embarking on an initial public offering in July to raise up to P8 billion.
The company has filed with the Securities and Exchange Commission a preliminary prospectus for the sale of 546.59 million new shares at a maximum price of P14.63 each.
Uy said the company would go public to accelerate the expansion of the company.
It expects to raise net proceeds of P7.58 billion, which will be used to fund the expansion of its cargo and passenger shipping businesses as well as acquisitions.
“We are accelerating the expansion of Chelsea Logistics, with a view to making it the prime mover of goods and passengers in the Philippines,” said Uy, founder and chairman of the company.
“As we move forward, we hope to contribute to our economy’s growth,” Uy added.
This will be the second company of Uy’s Udenna Group to go public after Phoenix Petroleum Philippines Inc. The IPO is…