THE PHILIPPINE Long Distance Telephone Co. (PLDT) informed the Philippine Stock Exchange (PSE) on Monday that Rocket Internet AG (Rocket), where it poured almost half a billion dollars in investments, has decided to advance the date of its initial public offering (IPO) and listing on the Frankfurt Stock Exchange.
In a disclosure to the PSE, the company said that Rocket’s offer period, which started on September 24 will now end on October 1 instead of October 6. And the listing of shares and the first day of trading of Rocket shares on the Frankfurt bourse will commence on October 2 instead of the initial date of October 9.
Meanwhile, in a disclosure to the Frankfurt Stock Exchange, Rocket announced on Monday that due to exceptional investor demand across all points of the price range, it has decided to accelerate the timetable for its IPO.
The listing of the shares and first day of trading on the Frankfurt Stock Exchange is planned for October 2, 2014 with settlement expected on October 6, 2014, Rocket said.
All other terms of the offer remain as in the prospectus published by the company on September 23, 2014.
PLDT earlier told the PSE that Rocket will proceed with its IPO and listing on the Frankfurt Stock Exchange on October 9.
PLDT and Rocket have 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.
In its PSE disclosure, PLDT said that “Rocket shares are to be offered within a price range of 35.50 euros to 42.50 euros.”
Rocket will offer up to 32,941,177 in newly issued shares, with an additional 4,942,176 shares being offered in connection with a potential over-allotment facility (the Greenshoe Option). Overall placement volume at the mid-point of the price range, including full exercise of the Greenshoe Option, amounting to 1.477 billion euros with a free float after all lock-ups of 24 percent.
Rocket’s market capitalization at the mid-point of the price range, including full exercise of the Greenshoe Option, will amount to 6.161 billion euros.
Rocket said in its disclosure: “The new shares will be of the same class and bearing the same rights as shares held by current Rocket shareholders. Rocket plans to apply for inclusion of its shares for trading on Frankfurt Stock Exchange via the Entry Standard. Rocket intends to move to the General or Prime Standards of the Frankfurt Stock Exchange in the next 18 to 24 months.”
All existing shareholders of Rocket Internet, including PLDT, will remain invested and will not sell shares as part of the offering in line with lock up comments not to sell or otherwise dispose of their shares for at least 12 months.