Philippines’ Robinsons Retail cuts IPO value at least 20%

robinsonsThe Philippines’ Robinsons Retail Holdings Inc has cut the value of its planned listing at the Philippine Stock Exchange at least a fifth because of “weak market conditions”, offering shares at 55 pesos to 66 pesos each, down from a previously indicated maximum of 86.64 pesos per share.

In what could still be the country’s biggest initial public offering (IPO) in 2013, the supermarket and department store operator now expects to raise up to 33.5 billion pesos ($777 million) from an offer of up to 484.75 million new shares, including over-allotment options.

Robinsons Retail, controlled by a unit of the JG Summit Holdings conglomerate, had initially planned to raise as much as 42 billion pesos from the IPO.

Weak market conditions brought on by uncertainties surrounding the US economy first forced the company to delay the sale, and eventually lower the maximum offer price.

The price range was announced at a briefing in Manila by Maybank ATR Kim Eng Partners Inc, the sole domestic underwriter for the issue. The final price will be announced on October 24.



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The Philippines' Robinsons Retail Holdings Inc has cut the value of its planned listing at the Philippine Stock Exchange at least a fifth because of "weak market conditions", offering shares at 55 pesos to 66 pesos each, down from a previously indicated maximum of 86.64 pesos per share. In what could still be the country's biggest initial public offering (IPO) in 2013, the supermarket and department store operator now expects to raise up to 33.5 billion pesos ($777 million) from an offer of up to 484.75 million new shares, including over-allotment options. Robinsons Retail, controlled by a unit of the...

robinsonsThe Philippines’ Robinsons Retail Holdings Inc has cut the value of its planned listing at the Philippine Stock Exchange at least a fifth because of “weak market conditions”, offering shares at 55 pesos to 66 pesos each, down from a previously indicated maximum of 86.64 pesos per share.

In what could still be the country’s biggest initial public offering (IPO) in 2013, the supermarket and department store operator now expects to raise up to 33.5 billion pesos ($777 million) from an offer of up to 484.75 million new shares, including over-allotment options.

Robinsons Retail, controlled by a unit of the JG Summit Holdings conglomerate, had initially planned to raise as much as 42 billion pesos from the IPO.

Weak market conditions brought on by uncertainties surrounding the US economy first forced the company to delay the sale, and eventually lower the maximum offer price.

The price range was announced at a briefing in Manila by Maybank ATR Kim Eng Partners Inc, the sole domestic underwriter for the issue. The final price will be announced on October 24.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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