Travellers International Hotel Group Inc., the joint venture between business magnate Andrew Tan and Malaysian gaming tycoon Lim Kok Thay, has trimmed its initial public offering (IPO) price from P23.38 a share to P11.88 a share.
In an investor roadshow held on Friday, Lauro Baja, UBS AG Philippines representative, said that the IPO price of Travellers’ shares is now P11.88 a share from P23.38 apiece. With the new IPO price, the firm will be raising $430 million, or approximately P19 billion, excluding the greenshoe option. The offer price will be finalized on October 17.
Set to be officially listed at the Philippine Stock Exchange (PSE) on November 5, Travellers shares will be included in the main board of the stock exchange. It was reported earlier last week that Travellers is set to proceed with its public offering, which has been delayed few months ago due to market volatility.
In a memorandum posted at the PSE website, it was indicated that Travellers is going to proceed with its public offering after the company decided to postpone it two months ago.
The offering memorandum showed that Travellers will be raising P36.78 billion from the sale of 1.57 billion shares at a price of up to P23.38 a share. Earlier in July, the hotel and casino operator announced the postponement of its then P42-billion IPO.