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MANILA, Philippines – GT Capital, the holding firm of one of the country’s richest, George Ty, debuted in the Philippine Stock Exchange on Friday, April 20, with shares climbing almost 10%.
From its initial public offering price (IPO) of P455, the GT Capital stock (GTCAP) opened at P500.
This equity raising raised P21.5 billion for GT Capital, making this the biggest IPO since Cebu Air, the budget airline of tycoon John Gokongwei, raised almost $600 million 2 years ago.
In a press briefing, GT Capital Melo Bautista said the success of the listing is “a proxy for Philippine economy.”
GT Capital is spending some of the net proceeds to hike its stake in Global Business Power Corp. (GBP) and to expand its power plant. Part of the funds will be earmarked for projects of Federal Land Inc., while some would go to the acquisition of a stake in the property unit.
Besides GBP and Federal Land, GT Capital also has interests in Metropolitan Bank & Trust Co. and its thrift unit PSBank, Toyota Motor Philippines Corp. and Philippine AXA Life Insurance Corp.
GT expressed interest in getting into infrastructure, signalling they could bid on public-private partnerships offered by the Aquino government. – Rappler.com
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