Philippines’ Robinsons Retail poised for record IPO

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Robinsons_PlacePhilippine Robinsons Retail Holdings Inc is set to raise $650 million in a record initial public offering (IPO) in the Philippines, Reuters reported on October 24, despite the firm set its IPO price at 58 pesos per share, near the low end of its indicative range of 55 pesos to 66 pesos.

The department store and supermarket operator had earlier cut by at least a fifth the value of its planned listing because of weak market conditions. Still, it is a record IPO for the Philippines, eclipsing Cebu Air Inc’s $620.8 million offering in 2010.

The offer attracted a total of 135 investors mostly in Asia, with the international tranche 4.5 times oversubscribed. The company is selling up to 484.8 million primary shares, including over-allotment shares.

More than half of the total 135 foreign investors subscribing to the shares were from Asia, while European and US investors made up 21 per cent each. Long-term investors comprised more than two-thirds of the placements while the rest were from hedge funds and private banks.

Deutsche Bank AG Hong Kong Branch, J.P. Morgan Securities plc, and UBS AG Hong Kong Branch are joint global coordinators, bookrunners and international lead managers. Maybank ATR Kim Eng Capital Partners Inc is the sole domestic underwriter.

Robinsons Retail will debut on the Philippine Stock Exchange on November 11, following the November 5 listing of Travellers International.

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Reading Time: 1 minute

Philippine Robinsons Retail Holdings Inc is set to raise $650 million in a record initial public offering (IPO) in the Philippines, Reuters reported on October 24, despite the firm set its IPO price at 58 pesos per share, near the low end of its indicative range of 55 pesos to 66 pesos.

Reading Time: 1 minute

Robinsons_PlacePhilippine Robinsons Retail Holdings Inc is set to raise $650 million in a record initial public offering (IPO) in the Philippines, Reuters reported on October 24, despite the firm set its IPO price at 58 pesos per share, near the low end of its indicative range of 55 pesos to 66 pesos.

The department store and supermarket operator had earlier cut by at least a fifth the value of its planned listing because of weak market conditions. Still, it is a record IPO for the Philippines, eclipsing Cebu Air Inc’s $620.8 million offering in 2010.

The offer attracted a total of 135 investors mostly in Asia, with the international tranche 4.5 times oversubscribed. The company is selling up to 484.8 million primary shares, including over-allotment shares.

More than half of the total 135 foreign investors subscribing to the shares were from Asia, while European and US investors made up 21 per cent each. Long-term investors comprised more than two-thirds of the placements while the rest were from hedge funds and private banks.

Deutsche Bank AG Hong Kong Branch, J.P. Morgan Securities plc, and UBS AG Hong Kong Branch are joint global coordinators, bookrunners and international lead managers. Maybank ATR Kim Eng Capital Partners Inc is the sole domestic underwriter.

Robinsons Retail will debut on the Philippine Stock Exchange on November 11, following the November 5 listing of Travellers International.

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