The IPO – which has been warmly received by the overseas market – was priced at 13 times the amount of profits that the diversified conglomerate is expected to make this 2012, a valuation which many stock analysts deem as an attractive proposition.
Philippine conglomerate GT Capital Holdings Inc. could raise as much as 21.57 billion pesos ($505 million) in a planned initial public offering after pricing its shares at 455 pesos ($10.65) each, in what could be the country's biggest IPO since budget carrier Cebu Air Inc. raised $611 million in a 2010 deal.
GT Capital, the investment holding company of billionaire George Ty—the controlling shareholder of Metropolitan Bank & Trust Co.—plans to sell 47.4 million shares in the deal, including those set aside to cover excess demand. It had set an indicative price range of 415 pesos to 470 pesos, down from the 520 pesos it initially considered.
"The offering was extremely well received by global investors, with the international tranche more than five times oversubscribed," GT Capital President Carmelo Bautista said in a statement to the stock exchange.
GT Capital Vice Chairman Alfred Ty said despite the strong demand, the company had decided not to price at the top of the indicative range "to leave investors with room for upside."
The domestic portion of the offering starts April 10, with listing to follow on April 20.
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