Microfinance company AG Finance Inc. announced Monday that it has decided on a final initial public offering price of PHP 2.18 per share for its 68.07 million common shares. The final amount is consistent with the IPO price range of PHP1.91 to PHP2.20 per share that AG Finance shared earlier this year.

Founded in 2001, AG Finance is a Philippines-based microfinance company that focuses on providing salary loans for local employees and Overseas Filipino Workers (OFWs). The lender is the third company in the Philippines in the process of pursuing an IPO for 2013, right after Philippine Business Bank and Asia United Bank.

AG Finance intends to gain PHP148.4 million from the sale of its common stocks which is scheduled for July 30 to August 5, 2013. The IPO's listing date on the first board of the Philippine Stock Exchange is set for August 13.

The microfinance firm will gain around PHP500 million to PHP576 million in market capitalization after the conclusion of the initial public offering. According to the company's share sale prospectus, the money gained from the IPO will be used to cover its PHP37 million loan from China Banking Corp., as well as expand its professional and skilled OFW loan portfolio.

AG Finance hired the services of BDO Capital and Investments Corp. to underwrite the July-August initial public offering.