Manila: The Securities and Exchange Commission (SEC) has approved the initial public offering plan of listed real estate developer A Brown Company, Inc. (ABCI), granting the go-ahead for an initial bond offering of up to PHP5 billion.

According to Philippines News Agency, the SEC's Commission En Banc, during a meeting, resolved to render effective the registration statement of A Brown Company. This covers the shelf registration of up to PHP12 billion in fixed-rate bonds, contingent upon the company's compliance with certain remaining requirements. ABCI plans to offer up to PHP3 billion in fixed-rate bonds, with an oversubscription option of up to PHP2 billion for the initial tranche. The offer period is scheduled from June 22 to 26, 2026, with listing on the Philippine Dealing and Exchange Corporation (PDEx) set for July 3.

PNB Capital and Investment Corporation has been appointed as the sole issue manager and will also serve as joint lead underwriter and bookrunner, alongside state-owned Land Bank of the Philippines (Landbank). The bonds will consist of a three-year Series A tranche due in 2029 and a five-year Series B tranche due in 2031.

The SEC stated that the company expects to net approximately PHP4.92 billion from the initial offer, assuming full exercise of the oversubscription option. Proceeds from the offering will be allocated to fund renewable energy investments, residential projects, redemption of shares, and other general corporate purposes.