ORCA Cold Chain Solutions, a local cold storage firm, is planning an initial public offering worth up to P1.5 billion prior to listing at the Philippine Stock Exchange’s Small, Medium and Emerging Board. Based on the prospectus provided by the company, it is planning to offer a total 1.48 billion c
(Photo courtesy of ORCA Cold Chain Solutions) MANILA - ORCA Cold Chain Solutions, a pioneering cold storage company in the Philippines, is listing with the Philippine Stock Exchange to raise funds for its expansion program as it aims to seize opportunities in the growing industry. In a statement Thursday, ORCA said it plans to sell 1,480,000,000 shares with an offer price set at PHP0.88 per share. "The company intends to use the net proceeds, estimated to be PHP841.1 million, for land acquisition, expansion of existing facilities to accommodate additional value-added services, development of new cold storage facilities, and general corporate purposes," the company said. Currently, ORCA has two subsidiaries Arendelle Cold Logisitics, Inc. in Taguig and Eisberg Cold Logistics, Inc. in Caloocan with a combined capacity of 34,342 pallet positions, or equivalent to 34.3 million kilograms. According to Cold Chain Association of the Philippines, the cold storage industry has a t