ResortsWorld developer to launch P36.8 billion IPO in October
Andrew Tan. INQUIRER FILE PHOTO
MANILA, Philippines — ResortsWorld Manila developer Travellers International Hotel Group Inc., a partnership between the group of tycoon Andrew Tan, has firmed up an initial public offering worth about P36.8 billion, which will be launched within October.
In a revised offering memorandum posted on Tuesday, the Philippine Stock Exchange announced that Travellers would offer up to 1.57 billion common shares for a maximum price of P23.38 per share. The company has also earmarked additional shares of 235.98 million for the over-allotment option.
Including the over-allotment option, the IPO size will be at P42.3 billion. This will bring to public hands about 12.78 percent of the company’s ownership after the IPO. Excluding the over-allotment, the public float will be 11.11 percent.
The IPO price is targeted to be finalized on October 17 in time for the offering period, which will run from October 22 to 29, according to the memorandum. Targeted listing date on the PSE is on November 5.
It was earlier reported that the company might cut the IPO size to around $450 million to $480 million. The final IPO size will be determined after the offer price is set through a book-building process.
Article continues after this advertisementAbout 70 percent of the offering targets the international market while 30 percent is for domestic investors.
