Pancake House seeks SEC okay for IPO

Pancake House, Inc. (PHI) has applied with the Securities and Exchange Commission (SEC) for authority to undertake an initial public offering (IPO) to spur the expansion of its chain of restaurants.

The company which owns "Pancake House" intends to list in the Philippine Stock Exchange (PSE) 64.14 million shares equivalent to 34 percent of its equity. The shares have a par value of P1 and will be priced at P1.46 to P2.15 each.

PHI has earmarked the proceeds, seen to amount at least to P83.50 million, for its expansion programs for the next two years.

The company has tapped the Amalgamated Investment Bancorporation to underwrite the IPO on a firm basis.

Pancake House, Inc., owned by Milagros Basa, Leticia Zamora and Carment Zaragosa, stated its food business in 1974 and since then has expanded to include franchising of restaurants around the country.

Other companies which are proceeding with their IPO plans despite the depressed market are Macondray Plastics, Inc., a Davao-based company that produces container products, and Corro-Coat Inc., a local firm producing and distributing powder coatings for appliances, car and aircraft.

The IPO of info technology firm DFNN.com will start later next month after its own application got the nod of the SEC last June.