PH hotel group sets IPO price guidance
MANILA - The Philippines' Travellers International Hotel Group Inc has set an indicative IPO price of P10.65 to P11.88 per share as it looks to raise as much as $499 million, or about half of what it had initially planned from the share offer.
Travellers, a joint venture between casino operator Genting Hong Kong Ltd and Philippine conglomerate Alliance Global Group Inc, plans to raise $389 million to $434 million from the share sale.
That excludes a greenshoe option that, if taken, would lift the total issue to $499 million, according to the company's term sheet.
The company will set the final pricing of what would be the country's fourth and biggest listing this year on Oct. 17. It cut the maximum price of the issue last week.