Travellers Intl Hotel Group may raise P17.74-B in IPO
MANILA - Underwriters have recommended the Philippines' Travellers International Hotel Group price its initial public offering at P11.28 a share, just above the middle of an indicative price range, said two people with knowledge of the matter.
At that price, Travellers could raise P17.74 billion ($411 million), the people said.
Travellers is offering 1.573 billion shares, according to a term sheet, and has an indicative price range of P10.65 to P11.88 a share.
Travellers is a joint venture between casino operator Genting Hong Kong Ltd and Philippine conglomerate Alliance Global Group Inc., whose chairman and chief executive, Andrew Tan, is ranked by Forbes as the country's third-richest man.
Representatives of Travellers were not immediately available to comment.
BofA Merrill Lynch, CIMB, Maybank, Religare and UBS are joint global coordinators, international bookrunners and international lead managers, the term sheet showed.