Philippine casino operator lowers IPO price by 50%

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chipsTravellers International Holdings Inc, the tourism entertainment and gaming segment of Philippine conglomerate Alliance Global Group in a joint venture with Genting Hong Kong Ltd and operator of the huge Resorts World Manila casino, has lowered the maximum offer price for a planned initial public offering (IPO) to 11.88 pesos per share which will now generate $495 million in proceeds.

The original IPO price was 23.38 pesos per share. The new offer price was announced by UBS Philippines managing director Lauro Baja at a domestic roadshow to jumpstart the IPO of 1.573 billion primary common shares and 235.983 million overallotment shares to foreign and domestic investors.

“Proceeds before greenshoe will generate $430 million and post-green greenshoe will generate $495 million,” Baja said.

The final offer price will be announced on October 17, with the offer period running from October 22 to 29. The listing date is scheduled for November 5. Seventy per cent of 1.101 billion shares were allotted to investors overseas and 30 per cent or 471.966 million shares were earmarked for domestic investors.

Travellers International hired Merrill Lynch, CIMB, Maybank-ATR Kim Eng Secutiries, Religare Capital Markets and UBS as international lead managers and CLSA Ltd., Credit Suisse and Morgan Stanley as co-lead international managers. BDO Capital & Investments Corp., Maybank ATR-Kim Eng Securities are the domestic underwriters.

Travellers International said it will use the proceeds from the sale of primary shares to partly fund the $640 million expansion of Resorts World Manila and repay some of its debts.

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Reading Time: 1 minute

Travellers International Holdings Inc, the tourism entertainment and gaming segment of Philippine conglomerate Alliance Global Group in a joint venture with Genting Hong Kong Ltd and operator of the huge Resorts World Manila casino, has lowered the maximum offer price for a planned initial public offering (IPO) to 11.88 pesos per share which will now generate $495 million in proceeds.

Reading Time: 1 minute

chipsTravellers International Holdings Inc, the tourism entertainment and gaming segment of Philippine conglomerate Alliance Global Group in a joint venture with Genting Hong Kong Ltd and operator of the huge Resorts World Manila casino, has lowered the maximum offer price for a planned initial public offering (IPO) to 11.88 pesos per share which will now generate $495 million in proceeds.

The original IPO price was 23.38 pesos per share. The new offer price was announced by UBS Philippines managing director Lauro Baja at a domestic roadshow to jumpstart the IPO of 1.573 billion primary common shares and 235.983 million overallotment shares to foreign and domestic investors.

“Proceeds before greenshoe will generate $430 million and post-green greenshoe will generate $495 million,” Baja said.

The final offer price will be announced on October 17, with the offer period running from October 22 to 29. The listing date is scheduled for November 5. Seventy per cent of 1.101 billion shares were allotted to investors overseas and 30 per cent or 471.966 million shares were earmarked for domestic investors.

Travellers International hired Merrill Lynch, CIMB, Maybank-ATR Kim Eng Secutiries, Religare Capital Markets and UBS as international lead managers and CLSA Ltd., Credit Suisse and Morgan Stanley as co-lead international managers. BDO Capital & Investments Corp., Maybank ATR-Kim Eng Securities are the domestic underwriters.

Travellers International said it will use the proceeds from the sale of primary shares to partly fund the $640 million expansion of Resorts World Manila and repay some of its debts.

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