October 01, 2013

Travellers Int’l slates P42-B IPO this month

Travellers International Hotel Group Inc. is pursuing its P42-billion initial public offering (IPO) this month. Travellers Group retained its maximum offer price guidance at P23.38 per share.

Aside from Resorts World Manila, Travellers Group is also the company behind the $1.1-billion Resorts World Bayshore that will be opened in 2017, at the earliest.

Wealth Securities Comment: Travellers International set out the maximum price for its IPO at P23.38, which by our estimates is about 27x '13 EV/EBITDA. Recall that Bloomberry and Melco Crown (both non-operating casinos at the time) priced their respective placements at 14x and 13x prospective EV/EBITDA multiples. - WealthSec