Robinsons cuts biggest IPO in the Philippines by up to a third

By IVCPOST Staff Reporter

Oct 14, 2013 07:57 AM EDT

Robinsons Retail Holdings Inc. had cut up to a third off the value of the largest share sale in the Philippines this year. According to a report from Reuters, the company had hoped that a reduction in its offering price would lure investors. This was even with the current condition of the global economy over the outcome of the US government's partial shutdown.

The department store and supermarket operator is owned by the Gokongweis, one of the country's richest families. In a statement last Monday, the company said that it had expected to raise around PHP27.9 billion to PHP33.5 billion. This was by selling up to 484.75 million new shares that included over allotment options.

The company had lowered its offering price of its planned issue to PHP55 to PHP66 per share piece. This was comparable to a higher earlier price which was at PHP86.64. The final price of the IPO would be announced on October 24. The shares of Robinsons Retail Holdings were due to trade on November 11, said a Reuters report.

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