The Philippine Stock Exchange (PSE) has approved the initial public offering (IPO) of the local unit of Toronto-listed OceanaGold Corporation.

In a statement issued late on Friday, the PSE said it approved the IPO application of OceanaGold Philippines, the operator of the Didipio mine gold-copper mine, to raise around P7.9 billion.

The company plans to offer and sell to the public up to 456 million secondary common shares at a price of up to P17.28 each. OceanaGold Philippines plans to offer 20 percent of its equity to the public.

Based on OceanaGold Philippines’ preliminary prospectus dated April 12, the IPO will run from April 29 to May 6, while the listing is targeted from May 13 from the original May 7.

OceanaGold Philippines has tapped BDO Capital as a stabilizing agent, setting aside a stabilization fund equivalent to 10 percent of the aggregate offer that may be used to hold stabilization activities starting from the listing date.

“The exchange will advise the investing public of further developments on the IPO of the company,” the PSE said.

Prior to the PSE approving OceanaGold Philippines’ IPO, the Securities and Exchange Commission cleared the initial listing, which is being undertaken “to comply with the conditions of the company’s renewed Financial or Technical Assistance Agreement with the government.”

OceanaGold Philippines’ operations at the Didipio mine involves sourcing ore from the underground mine and its surface ore stockpile. The ore is processed to produce gold ore and copper concentrate.

The mining company is known for its greening efforts in its operations that straddles areas in Nueva Vizcaya and Quirino provinces.