Investors scramble for new shares
MANILA, Philippines—Bloomberry Resorts Corp. and East West Bank, which went to the equities market last week as the local stock index hit record highs, benefited from strong demand among investors.
The offering by Bloomberry, an integrated gaming and entertainment developer led by Enrique Razon Jr., generated about $900 million in orders as of last weekend, resulting in an oversubscription by nearly five times, said an industry source familiar with the transaction.
The Razon-led company plans to sell up to 1.18 billion shares at between P6.55 and P8.25 per share.
Demand is likewise strong for Gotianun-led East West Bank’s initial public offering, which is priced at P18.50 a share.
At this price, the base IPO size is P4.54 billion, which can be increased to P5.22 billion if the overallotment option were exercised.
A source from East West Bank said demand was “very strong” especially from the domestic market.
