Chemical supplier clears P1.15-B IPO

MANILA, Philippines - Chemical supplier SBS Philippines Corp. obtained the Securities and Exchange Commission’s approval to proceed with its planned P1.15 billion initial public offering.

Documents filed with the SEC show that the IPO involves 420 million common shares which will be sold at P2.75 a piece.

The offer period is targeted to run from July 28 to Aug. 3 while the listing of the shares has been set on Aug. 10.

The company is a major chemical supplier with a customer base of over 1,800. It supplies a wide range of chemicals and ingredient products and  services the requirements of major industrial and manufacturing businesses in the country for various needs such as cleaning and sanitation, food ingredients, chemical manufacturing, personal care, crop protection and animal care among others.

It registered sales of P933 million last year, 18.7 percent higher than the P786 million recorded in 2013.

SBS Philippines was incorporated on July 17, 2001.  It was formerly known as Sytengco Philippines Corp.

The Sytengco family currently owns 99.93 percent of the company. After the IPO, this would go down to 64.95 percent.

The family’s chemical business started in 1970 with a two-story office and warehouse building in Sta. Cruz, Manila and only 10 employees. The company was then involved in selling imported industrial chemicals to small and medium-sized manufacturing firms.