October 12, 2006

Alliance Tuna to launch IPO on Oct 23

Alliance Tuna International Inc, a manufacturer of processed canned tuna products, will launch its initial public offering (IPO) of 134.0 million common shares on Oct 23, and plans to sell them at between P1.20 (US$0.02) and P1.60 per share, the stock exchange said.

According to the Xinhua Financial News Service, the listing of the shares has been tentatively set for Nov 8.

The company expects to raise between P160.8 million and P214.4 million from the IPO, according to a stock exchange circular.

Alliance Tuna is the third Philippine company to go public this year, following the sale of shares of stock brokerage CitisecOnline in July and power producer First Gen Corp in February.