Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Home furnishing chain of Philippines' richest man files for up to $404 mln IPO

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/17/2019 | 01:15pm EDT

MANILA (Reuters) - Philippines' AllHome Corp, owned by the country's richest man, said late on Wednesday it plans to raise up to $404 million in the country's largest initial public offering (IPO) this year, as the bourse trades near multi-month highs.

The retailer of home furnishing and construction supplies will sell as many as 1.29 billion shares at a maximum price of 16 pesos a share, the company said in a preliminary prospectus posted on its website.

The maximum offer price is a placeholder amount included in the filing to securities regulators. It is not uncommon to cut the maximum offer price late in the IPO process.

AllHome, owned by Manuel Villar, the Philippines' richest man, operates 25 home improvement stores mostly in the capital. It plans to open 19 more stores nationwide, supported by fresh capital from the IPO.

Private construction of infrastructure and homes is among the key drivers of the Philippine economy, one of the fastest growing in Asia.

Under the initial timeline, final pricing is set on Sept. 16, ahead of the offer period on Sept. 18-24 and listing on Oct. 1, AllHome said.

The company's IPO filing comes as the Philippines' broader index <.PSI> trades at its highest in 16 months.

The Philippines' benchmark index was up 10.3% year-to-date on expectations of looser monetary policy. It is the best performing bourse in southeast Asia, but companies have shied away from IPOs given sluggish markets early this year.

AllHome hired UBS, CLSA, Credit Suisse, PNB Capital and China Bank Capital to arrange the share sale.

($1 = 51.03 Philippine pesos)

(Reporting by Neil Jerome Morales; Editing by Jan Harvey)

By Neil Jerome Morales

Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 1.75% 11.05 Delayed Quote.2.31%
UBS GROUP 1.73% 10.14 Delayed Quote.-17.12%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
08:22aCENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : Chinese financial institutions report net FDI inflows in Q2
PU
06:07aUK finance minister awards 600 million pounds to housing fund
RE
04:21aChina unveils rate reform to steer funding costs lower for firms
RE
02:48aWHAT'S NEWS : World-Wide
DJ
02:48aWHAT'S NEWS : Business & Finance
DJ
12:49aEXCLUSIVE : U.S. set to give Huawei another 90 days to buy from American suppliers - sources
RE
12:48aEXCLUSIVE : U.S. set to give Huawei another 90 days to buy from American suppliers - sources
RE
12:28aPetronas says begun restarting Saudi-Malaysian refinery CDU
RE
08/16Deforestation in Brazil, vote in Argentina endanger EU-Mercosur pact
RE
08/16Court leaves PG&E with sole right to submit bankruptcy plan
RE
Latest news "Economy & Forex"
Advertisement