Revised terms of Discovery’s offering OKd

The Philippine Stock Exchange has cleared the revised offer terms and timetable for the stock debut of upscale resort developer Discovery World Corp. (DWC), firming up the P551-million initial public offering this November.

Based on a PSE memorandum posted Monday, DWC’s offering will run from Nov. 8 to 14, joining a heavy pipeline of equity deals in the last quarter of the year. The listing on the exchange is slated for Nov. 21.

The revised offer terms and timetable were cleared by the PSE following the approval by the Securities and Exchange Commission of the revised registration statement of DWC, developer and operator of Discovery Shores Boracay, which is raising fresh funds for expansion of resort and tourism-oriented businesses.

As earlier reported, among the amendments was the reduction in the number of the primary offer to 168 million common shares from the original size of 306 million, slashing the maximum offer size from the previous goal of P1 billion. The shares are being offered at P3.28 per share.

This transaction will bring to public hands 26.8 percent of DWC’s shares and bring its post-IPO market capitalization to P2.05 billion.

About 60 percent of the DWC’s offer shares will be distributed to the general public, 30 percent to trading participants and 10 percent to local small investors. Each trading participant is allotted 373,000 common shares worth P1.22 million.