MANILA - The Philippines’ Travellers International Hotel Group Inc has cut the maximum price for its planned listing on Manila's stock exchange to P11.88 per share from P23.38, underwriter UBS Philippines said on Friday.
The country's fourth and biggest listing this year may raise up to P18.7 billion ($434 million). The offer involves up to 1.57 billion primary shares and an over-allotment option of up to 235.98 million shares, based on its initial filing.
UBS did not give any indicative price range. The final price will be announced on Oct 17.
Travellers cut the offer size by about half, four months after announcing the delay in its original $842 million IPO because of weak markets.
Travellers is a joint venture between casino operator Genting Hong Kong Ltd and Philippine conglomerate, Alliance Global Group Inc, whose chairman and CEO, Andrew Tan, is ranked by Forbes as the country's third-richest man.