Robinsons Retail gets green light for $950m listing

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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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). 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...

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.



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

 

 

1 COMMENT

  1. I’m interested here to invest. purchase IPO @58’unit/ where can i purchase this??

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