MANILA, Philippines - The Securities and Exchange Commission has approved the P3.3-billion initial public offering of property firm Globe Asiatique Realty Holdings Corp.

In a regulatory filing, the SEC approved the registration of Globe Asiatique's 170.4 million primary and secondary shares at P6.50 to P10 apiece. An overallotment option for another P168.7 million shares was also provided.

The offer shares, excluding the overallotment, represent 15% of the real estate firm's outstanding capital stock.

Proceeds from the maiden offering will be used to finance the company's projects, namely, GA Sky Suites and Corporate Tower, a residential and office building project along EDSA corner Quezon Avenue in Quezon City, and horizontal housing projects in Bacoor, Cavite and Mabalacat, Pampanga.

Globe Asiatique has hired BDO Capital and Investment Corp. as issue manager and underwriter for the offer.

Globe Asiatique, which focuses on the development of high-rise residential towers and low-cost homes, reported a net income of P502 million in 2009, up from P275 million in the previous year.

So far, the company has delivered 13,400 housing units in 9 completed projects.