MANILA, Philippines – The holding firm of George S.K. Ty has priced its shares at P415 to P470 apiece.
GT Capital Holdings Inc. disclosed its indicative price range for its maiden share sale, which is scheduled to run from April 10 to 16. The range is lower than the earlier maximum offer of P520 each.
The company plans to sell 33 million primary shares and 8.217 million secondary share. Its initial public offering (IPO) will raise between P17.11 billion and P19.37 billion.
GT Capital has set aside 6.18 million shares for an overallotment option in case demand exceeds expectations. This would raise its gross proceeds to P22.27 billion.
The company will hold a domestic and international roadshow and book building exercise to determine the final offer price.
GT Capital plans to use P5.68 billion of the net proceeds to increase its ownership in Global Business Power Corp. and expand one of its power plants.
The holding firm also plans to spend P4.20 billion on the projects of Federal Land Inc., and another P2.7 billion to increase ownership in the property unit.
Another P2.8 billion would be used to pay down debt.
GT Capital also owns Metropolitan Bank & Trust Co., Toyota Motor Philippines Corp. and Philippine AXA Life Insurance Corp.
source: interaksyon.com
