November 27, 1995
PSE LISTING CIRCULAR NO. 562-95
| SUBJECT | : | Amended Rules and Policies on IPOs and Additional Listing Applications |
EXECUTIVE SUMMARY
Upon due consideration, and to further protect the investing public, the following are the new Exchange Rules and Policies relating to Initial Public Offering (IPO) and Additional Listing Applications as approved and adopted by the Board of Governors:
APPLICATIONS FOR IPOs
1. Pricing in the Secondary Board
The offer price of the shares applied for listing in the Secondary Board shall be equal to its par value at the time of listing.
2. Offer Price for IPOs vis-a-vis Private Placements or any Similar Transaction
The Offer Price for IPOs shall be the prerogative of the issuer except when a private placement, asset for shares swap, share for share swap, or any similar transaction is made, in which case the offer price shall be the same as that of the price agreed upon in the private placement or similar transaction as the case may be. Provided that, if the private placement or a similar transaction was made more than one (1) year prior...
