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AUB IPO priced at P95 per share

By: Doris C. Dumlao, May 3rd, 2013 12:08 PM

MANILA, Philippines—The Rebisco group’s Asia United Bank has priced its initial public offering at P95 per share, enabling the bank to raise P8.36 billion from its debut on the stock market.

The IPO was priced at about 1.5 times the bank’s book value and at the middle of its indicative price range of P80 to P110 per share.

The international orderbook was oversubscribed by five times with about 90 investors, said Lauro Baja, managing director at UBS Philippines, which acted as sole global coordinator.

About 75 percent of orders came from Asia and 25 percent from Europe, Baja said. The orderbook was covered throughout the price range but the issuer wanted to ensure after-market support, he added.

Baja said this equity offer was executed in a quick 3.5-day roadshow.

“Jack Ng’s initial foray into the international capital markets received overwhelming support from the investor community,” he said.

Credit Suisse was joint bookrunner.

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