GT Capital IPO price set at 455

approx allocation per Trading participant: 62,000 shares
The IPO may raise up to P21.6 billion ($506 million), making it the country’s biggest IPO since Cebu Air Inc’s record share sale in October, which raised about $600 million.

The company plans to use the amount raised from the primary offer to fund expansion of its various units, particularly hotel and residential projects of its real estate arm Federal Land.

GT Capital said last month it was planning to sell up to 33 million primary shares and 8.22 million secondary shares, with an over-allotment option of up to 6.2 million shares.

It had earlier set an indicative price range of P415 and P470 per share, lower than an initial guidance of up to P520 per share.

The company, which has interests in the country’s second largest lender by assets, Metropolitan Bank & Trust Co, car distribution, insurance, and power generation, will list its shares on the Philippine Stock Exchange on April 20.


UBS is the sole global coordinator, international bookrunner and lead manager for the offer. First Metro Investment Corp is handling the domestic offer.

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