MANILA - East West Banking Corp, a medium-sized Philippine lender, has priced its initial public offering at P18.50 per share, the low end of its indicated price range, an underwriter said on Wednesday.
The country's second IPO this year to be launched on Friday may raise up to P5.2 billion ($122 million), lower than the initial target of P6.6 billion. The bank had set a price range of P18.50 to P23.50.
East West, owned by one of the country's largest family-owned conglomerates, Filinvest Development Corp, intends to use the proceeds to fund expansion.
The offering begins on the same day GT Capital Holdings Inc, the flagship of Philippine banking tycoon George Ty, debuts on Manila's stock exchange after its P21.6-billion share sale.
Deutsche Bank and JP Morgan were tapped as bookrunners and international lead managers of the East West offering. Local firm Unicapital Inc is the domestic lead underwriter.
The Philippines' main index , which has risen about 18 percent this year, among the biggest gainers in Asia, set a new record high on Thursday on upbeat outlook for the domestic economy.