Gokongwei retail arm plans P40-B IPO - report
MANILA, Philippines - The Gokongwei group is looking to raise up to P40 billion from the initial public offering (IPO) of shares of its retail business.
Robinsons Retail plans to sell up to 461.9 million shares at P86.64 each, according to IFR, a Thomson Reuters publication.
Deutsche Bank, JPMorgan and UBS were tapped to manage the IPO, said the report.
Robinsons Retail, a unit of Robinsons Land Corp., operates department stores, supermarkets, hardwares, home improvement and appliance stores, high-street fashion specialty stores, and toy stores.
It competes with SM Retail of SM Investments Corp. and Puregold Price Club Inc.
If the IPO pushes through, Robinsons Retail will be the 5th Gokongwei-owned company to be listed on the Philippine Stock Exchange. Robinsons Land, holding firm JG Summit Holdings Inc., food manufacturer Universal Robina Corp., and airline operator Cebu Air Inc. are publicly traded.
Other companies with pending IPO applications with the Securities and Exchange Commission this year include Travellers International Hotel Group Inc., Discovery World Corp., Harbor Star Shipping Services Inc, Hengda Group Holdings Corp., and A Finance Corp. - Rappler.com