UBS takes up P2.8 B more in GT Capital shares

MANILA, Philippines – Global investment bank UBS has fully exercised an option to take up additional P2.8-billion worth of shares of newly listed GT Capital Holdings as part of the conglomerate’s recent initial public offering.

GTCap told the Philippine Stock Exchange on Thursday that UBS AG, acting as its stabilizing agent, had fully exercised the overallotment option totaling 6.182 million shares at the IPO price of P455 per share.

The conglomerate sold 47.4 million shares for a total offer size of P21.6 billion in this stock debut, making it one of the largest IPOs seen in the local stock exchange.

Excluding overallotment, domestic investors accounted for 42 percent of the equity deal.

GTCap, the crown jewel of the family of taipan George Ty, has sizzled on the stock market since listing on April 20, hitting P513 on April 25 when the overallotment or “greenshoe” option was exercised by UBS.

“We are pleased with the overwhelming response to GT Capital’s IPO in the aftermarket performance such that we are able to exercise the overallotment option within three days after the listing last Friday,” GTCap president Carmelo Bautista said in a press statement.

GTCap, successfully pitched to investors as a proxy to the Philippine growth story, 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).