Indicative price for GT Capital Holding’s IPO set

Tycoon George Ty’s GT Capital Holdings Inc. has set an indicative price for its stock debut at between P415 and P470 per share for an initial public offering size of up to P22.3 billion.

The selling price has been narrowed from the earlier indicative maximum price of P520 per share, said Justino Juan Ocampo, senior vice president of First Metro Investment Corp., in an investors’ briefing on Wednesday. FMIC serves as the domestic arranger for this offering.

The stock offering will consist of up to 41.217 million firm shares and an over-allotment option of 6.18 million shares.

GT Capital has interests in banking (Metropolitan Bank and Trust Co.), real estate (Federal Land Inc.), automotive (Toyota Motor Philippines), insurance (Phil AXA Life Insurance Corp.) and power generation (Global Business Power).

The final pricing of GT Capital’s offering will be set on April 3 while the offering will run from April 10 to 16. The shares will be listed on the Philippine Stock Exchange on April 20.—Doris C. Dumlao