The medium-sized lender and its controlling shareholder Filinvest Development Corp. are now targeting to raise up to P5.22 billion, including overallotments, from the maiden share sale.
EastWest Bank would still be the second-biggest IPO this year after investment firm GT Capital Holdings Inc., which recently completed a P21.6 billion IPO and is set to make its debut on the Philippine Stock Exchange on Friday. EastWest Bank is listing its shares on May 7.
The international component of the IPO was completed on Wednesday while the domestic sale will run from April 20 through April 26, its prospectus showed.
EastWest Bank commenced operations in 1994 and is mainly focused on providing services to retail and mid-market corporate customers, a strategy it plans to keep after the IPO. It said consumer and mid-range corporate clients will each account for 40 percent of its loan portfolio mix with the remaining 20 percent going to larger corporate clients.
As of February 2012, it had a network of 144 branches, with 92 of these located in Metro Manila. Proceeds from the share sale would help East West Bank open at least 100 branches in 2012, its IPO filing showed.
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