The initial public offer of the Philippines' Travellers International Hotel Group has been deferred to either September or October. The projected Php36.8 billion or US$842 million was pushed back due to the recent declines in both the local and foreign stock markets.

The said deferment was first reported by IFR last Tuesday, as the premarketing done from June 13 would end by Tuesday. After review of the current market conditions, the firm had opted not to commence bookbuilding according to the Thomson Reuters publication IFR.

Travellers International is a venture of Genting Hong Kong Ltd, a casino operator and Alliance Global Group Inc, a Philippine conglomerate. If the original schedule was followed, the bookbuilding would have started in the latter part of June while the actual public listing would be scheduled for the middle part of July 2013.

Just last week, Macau Legend Development, the gaming company from Macau, had also postponed its Hong Kong IPO. Projected proceeds of the said initial share sale was at US$788 million. 

To assist in the management of the IPO, Travellers had hired Bank of America Merrill Lynch, UBS, Religare Capital Markets, CIMB and Maybank.