Not so fast with LBC Express IPO
The planned P7-billion initial public offering of Araneta-led LBC Express is facing a tough challenge from the Securities and Exchange Commission.
Sources said the corporate regulator had been conducting a stricter evaluation of the financials of the courier and freight forwarding company because of its affiliation with LBC Development Bank, a thrift bank also owned by the Araneta Group, which closed down.
“We just was to be careful,” a ranking SEC official said, when asked why the IPO application of LBC Express was taking so much time to be approved.
With the additional documents being asked by the SEC from LBC Express, it looks like Phoenix Seminconductor Philippines Corp., which filed its application its own IPO with the SEC two months later than LBC Express’, may proceed first in listing its shares.
SEC sources said the commission en banc on Thursday deferred action on Phoenix Semiconductor’s listing but would likely make a decision this week.