Latest Stories

Asia United Bank going public

Offering of 80M shares set May 7 to 14


The Securities and Exchange Commission has approved a plan by the Rebisco group’s commercial banking arm Asia United Bank to sell as much as P9.68 billion worth of shares and debut on the Philippine Stock Exchange.

Taking advantage of the bullish stock market, AUB plans to offer up to 88 million primary common shares for as much as P110 each. The base offer consists of 80 million shares while an additional eight million shares have been set aside for overallotment.

AUB recently obtained approval from the Bangko Sentral ng Pilipinas to expand into a universal bank and part of the requirement was to become a public company.

The offering, which will take place on May 7 to 14, will bring to public hands close to 27 percent of the bank’s post-IPO capitalization. IPO pricing will be finalized by May 3 while listing on the PSE is targeted on May 17.

At the maximum price of P110 each, this offering represents about 1.6 times AUB’s estimated book value of P62.14 a share immediately following the IPO. East West Bank and Philippine Business Bank, the last two banks that went public, had priced their respective IPOs at 1.12x and 1.35x book value, respectively.

Most banking peers are trading at close to twice their book value except for Bank of the Philippine Islands, the most valuable bank, which is trading at more than thrice its book value.

UBS AG Hong Kong branch and Credit Suisse (Singapore) Ltd. have been named joint bookrunners and lead managers for the offering. Mandated sole global coordinator is UBS AG. Local IPO underwriters are First Metro Investment Corp. and BDO Capital and Investment Corp.

AUB is owned by a diverse group of Asian investors engaged in property development, manufacturing and other equity ventures. Rebisco, the Philippines’ leading manufacturer, distributor and exporter of snack food products for the past 49 years, is the biggest shareholder of the bank with a 44-percent stake, which will be diluted to 32.2 percent after the IPO.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Asia United Bank , Business , IPO

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Drug firm Novartis to help Leyte firefighter
  • Fears grow for hundreds missing in South Korea ferry capsize
  • Robot sub makes first complete search for plane
  • uFly fires flight simulator who appeared on CNN
  • DPWH allots P1.2 trillion for PH roads
  • Sports

  • Federer would skip tennis to be with wife, newborn
  • Manny Pacquiao in PBA? If so, he’ll wear No. 17
  • PSC sets Blu Girls US training
  • Power Pinoys settle for 7th place
  • Successful coaches to get raise
  • Lifestyle

  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • The truffled mac ‘n’ cheese, eggs benedict, chicken leg confit are excellent
  • Entertainment

  • Jay Z to bring Made in America music fest to LA
  • Why Lucky has not bought an engagement ring for Angel
  • Derek more private with new girlfriend
  • ‘Community’ star happy with return of show’s creator
  • Jealousy is kid stuff
  • Business

  • PH presses bid to keep rice import controls
  • PSEi continues to gain
  • Number of retrenched workers rose by 42% in ’13
  • PH seen to sustain rise in FDIs
  • Gov’t subsidies to state firms fell in first 2 months
  • Technology

  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Japan says visa-free entry still a plan
  • First Fil-Am elected to Sierra Madre, Calif. city council
  • UC Irvine cultural night to dramatize clash of values in immigrant family
  • Filipino sweets and info served at UC Berkeley Spring Fest
  • Milpitas, California kids wrap up a successful run of ‘The Wiz’
  • Marketplace