The Philippine Stock Exchange Inc. (PSE) cleared the initial public offering (IPO) application of Bank of Commerce. The bank is set to offer up to 280.60 million shares at a price of up to P12.50 per share

The final offer price will be determined on March 11 after the bank conducts its book building process.

Proceeds from the share sale will be used by the bank to fund its lending activities, acquire investment securities and finance its capital expenditure requirements.

Bank of Commerce, which will be using the ticker symbol “BNCOM”, targets to conduct its IPO from March 16 to 22 while its tentative listing date is on March 31.

“Bank of Commerce is certainly a welcome addition to the roster of banking stocks in the PSE. This IPO will not only benefit the bank but its clients and future shareholders as well, more so now that it has been granted a universal bank license,” said PSE President and CEO Ramon Monzon.

Ten percent of the BNCOM’s firm offer shares will be made available to local small investors , who may subscribe to the IPO through the PSE EASy website or mobile application.

The offer terms and conditions pertaining to the IPO of Bank of Commerce may be accessed through the Listing Notices section of the PSE EDGE website (http://edge.pse.com.ph). Corporate Communications Department