Gokongwei-led Robinsons Retail to raise P42-B from IPO
MANILA, Philippines - The retail arm of the Gokongwei group is raising P42 billion from its initial public offering this month.
In an offering memorandum approved by the Philippine Stock Exchange, Robinsons Retail Holdings will offer 461.897 million primary common shares shares, with an overallotment option of up to 22.852 million shares at an offer price of up to P86.64 per share.
The final offer price will be set on October 25. The offer period is from October 29 to November 5. The listing date is set on November 11.
Around 70% of the offer shares will be allocated for international investors, with the rest for domestic investors.
After the IPO, Robinsons Retail will have a market capitalization of P120 billion and 35% public float.
The company said proceeds from the IPO will be used to expand its retail operations and renovate existing stores.
Robinsons Retail operates the chain of department stores and supermarkets under the Robinsons brand; as well as South Star Drugstore, Handyman, Do It Best, True Value and Howards Storage World. It is also the exclusive franchisor of Japanese convenience store chain Ministop, as well as Toys R Us, Topshop, Topman, Dorothy Perkins and Saizen.
As of end June, the company has 940 stores. It plans to increase the number of stores to 1,391 stores by 2014.