The Robinsons Retail Group, whose interests include operations in the consumer market through supermarkets, hardware and department stores throughout the Philippines, is now planning to raise US$924 million through an initial public offer in Manila.

The said transaction was confirmed by Thomson Reuters publication IFR, citing documents filed for the deal.

The projected volume of shares to be sold would be 461.9 million shares priced at the maximum of Php86.64 each share. With this valuation, the total deal is expected to reach Php40 billion, as reported by IFR. At this price, it would be one of the largest IPOs on record for the Philippines. 

The said IPO comes at a time when Manila's benchmark index has declined by more than 12$ since the middle of May due to fears that foreign investments would be pulled out of emerging markets.

Robinsons Retail is one of the companies in the Gokongwei group property development unit, Robinsons Land Corp. It is one of the major property developers in the country, competing with SM Retail of SM Prime Holdings and Puregold Price Club Inc.