By VG Cabuag
BROKERAGE firm Philstocks Financials Inc. wants to list at the Philippine Stock Exchange (PSE), hoping to raise P185.89 million to strengthen its operations.
The company, whose former name is Accord Capital Equities Corp., said in its registration statement filed before the Securities and Exchange Commission, that will sell 98.88 million common shares at P1.88 apiece.
The company expects to use the proceeds to bolster its operations, which include P50 million for margin financing that it will give to select qualified broker-assisted clients.
“The company will continue to invest in strengthening its online platform,” it said, adding that it allocated P40 million for the project.
Some P30 million will be used for investment in marketable securities. It will also allocate P15 million to establish branch offices in Bonifacio Global City and Cebu City, while another P15 million will be for advertising, marketing and promotions. The rest will be allocated for general corporate purposes.
Philstocks is a full-service brokerage firm incorporated in 2001.
“Since the company’s establishment in 2001, Philstocks has been consistently at the forefront of providing precise and top-quality trading experience through robust technology and high-quality service and customer support,” the company said. The company currently offers online-stock trading, broker-assisted trading and stock-certificate lodgment.
Philstocks is primarily owned by Paul Wee and Pleshette Wee, who will still own a combined 70.34 percent after the offering.
For the first quarter of the year, the company said it posted a net income of P1 million, or more than half of its P1.9-million income in 2014.
Tentative timetable of the offering showed that the company will initiate bookbuilding from July 27 to 31, while the offer will start on August 10. It expects to list at the PSE under the stock symbol “P” on August 24.