Resorts World eyes raising up to $497 M from public offering

Travellers International Hotel Group Inc., operator of Resorts World Manila (in photo). INQUIRER FILE PHOTO

MANILA, Philippines—Travellers International Hotel Group Inc., operator of Resorts World Manila, has set a price guidance range that indicates it expects to raise between $458 million and $497 million in fresh funds for expansion from its upcoming initial public offering.

The gaming company, a partnership between Andrew Tan’s Alliance Global Group Inc. and Malaysia’s Genting group, has set a price range of between P10.65 and P11.88 per share for the offering, said sources privy to the offering.

This price range brings the company’s offer size to P19.17 billion to P21.38 billion, including the overallotment option or the additional shares that underwriters may take up in case of strong demand for the offering. But without the overallotment option, the base offer will be at P16.75 to P18.64 billion ($389 to $433 million).

The gaming company will offer to the public up to 1.573 billion new common shares with an overallotment option of 235.98 million shares.

The joint global coordinators, international bookrunners and international lead managers are BofA Merrill Lynch, CIMB, Maybank Kim Eng, Regilare Investment Banking and Securities and UBS. The international co-bookrunners are CLSA, Credit Suisse and Morgan Stanley.

The domestic lead underwriters are BDO Capital, Maybank ATR Kim Eng and UBS.

Travellers plans to finalize the IPO pricing on October 17. The public offering will run from October 22 to 29 while the listing date on the Philippine Stock Exchange is expected by Nov. 5.

The maximum price per share for the IPO was originally set at P23.38 per share but this was revised down to P11.88 on Oct. 4.