PLDT Rocket’s Frankfurt IPO priced at 42.50 euros

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THE PHILIPPINE Long Distance Telephone Co. (PLDT) said Rocket Internet AG (Rocket), where it has invested almost US500 million, has successfully priced its initial public offering (IPO) on the Frankfurt Stock Exchange at 42.50 euros per share.

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In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, PLDT said at the issue price of 42.50 euros, and assuming the full exercise of the underwriting banks’ option in connection with the over-allotment or the “Greenshoe Option,” Rocket will raise up 6.7 billion euros in capital.

“We are delighted with the news that Rocket’s IPO was warmly received by investors. This affirms our belief in Rocket’s unique platform for establishing new Internet companies and proven track record in successfully rolling out these businesses in fast growing markets,” said Napoleon Nazareno, PLDT president and chief executive officer.

The offering was oversubscribed well in excess of 10 times at the top end of the price range.

PLDT’s ownership stake in Rocket after the IPO will be 6.4 percent assuming the Greenshoe Option is exercised in full.

A total of 32,941,177 newly issued shares and an over-allotment of 4,941,176 shares have been allocated as part of the offering.

No existing shareholders have sold any shares in the IPO. Rocket shares will trade on the Entry Standard of the Frankfurt Stock Exchange starting on October 2, 2014 under the ticker symbol RKET.

PLDT and Rocket earlier entered into a global strategic partnership to develop innovative online payment solutions in emerging markets.

Under the terms of the partnership agreement, PLDT would invest 333 million euros or $445 million in Rocket. Of this amount, 50 percent has already been paid.

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