Robinsons Retail gets green light for $950m listing

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RobinsonsThe Philippines’ Robinsons Retail Holdings Inc., owned by the Gokongwei family, has received approval from the Securities and Exchange Commission for a $942 million share sale, paving the way for one of the country’s largest initial public offerings (IPO).

Funds from the IPO will allow the company behind Robinsons supermarkets and department stores to put up new stores and renovate existing branches, the company said. Robinsons Retail plans to sell up to 484.75 million shares at maximum price of 86.64 pesos each that will generate up to $950 million in fresh capital.

Specifically, 86 per cent of the proceeds will be used for the expansion of Robinsons Supermarkets, Robinsons Department Stores, as well as DIY, specialty, drug and convenience stores. The rest will be used to renovate existing branches, to pay existing debts and “for other corporate purposes.”

The retail group of property giant Robinsons Land Corp. claims to be the country’s 2nd largest retailer, next only to SM Retail Inc. of Henry Sy. Robinsons Retail Group owns and operates 35 department stores and 73 supermarkets nationwide.

The approval for the aggressive IPO comes at a time when the local stock market is facing volatility due to foreign fund outflows and geopolitical tensions in the Middle East.

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Reading Time: 1 minute

The Philippines’ Robinsons Retail Holdings Inc., owned by the Gokongwei family, has received approval from the Securities and Exchange Commission for a $942 million share sale, paving the way for one of the country’s largest initial public offerings (IPO).

Reading Time: 1 minute

RobinsonsThe Philippines’ Robinsons Retail Holdings Inc., owned by the Gokongwei family, has received approval from the Securities and Exchange Commission for a $942 million share sale, paving the way for one of the country’s largest initial public offerings (IPO).

Funds from the IPO will allow the company behind Robinsons supermarkets and department stores to put up new stores and renovate existing branches, the company said. Robinsons Retail plans to sell up to 484.75 million shares at maximum price of 86.64 pesos each that will generate up to $950 million in fresh capital.

Specifically, 86 per cent of the proceeds will be used for the expansion of Robinsons Supermarkets, Robinsons Department Stores, as well as DIY, specialty, drug and convenience stores. The rest will be used to renovate existing branches, to pay existing debts and “for other corporate purposes.”

The retail group of property giant Robinsons Land Corp. claims to be the country’s 2nd largest retailer, next only to SM Retail Inc. of Henry Sy. Robinsons Retail Group owns and operates 35 department stores and 73 supermarkets nationwide.

The approval for the aggressive IPO comes at a time when the local stock market is facing volatility due to foreign fund outflows and geopolitical tensions in the Middle East.

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