September 01, 2013

Gokongwei unit set for record IPO

The Gokongwei group’s retail unit Robinsons Retail Holdings Inc. has obtained the approval of the Securities and Exchange Commission to raise as much as P42 billion from what may be the largest initial public offering seen by the local stock market.

Robinsons Retail—the country’s second largest multiformat retailer—may now offer as many as 484.75 million new primary shares at a maximum price of P86.64 a share. The offer consists of up to 461.9 million in base offer and 22.85 million for the overallotment option, according to SEC documents. - WealthSec