Ayala Land raises $323 million from placement

The blue-chip property developer increases the size of its overnight placement by about 28% due to strong demand.

Ayala Land raises $323 million from placement
Ayala Land's upscale Greenbelt shopping mall in Makati

Ayala Land, a Philippine property developer, has raised Ps13.6 billion $323 million from a top-up placement, which it plans to use for acquisitions of properties and assets. The bookbuilding was launched after the market closed in the Philippines on Tuesday and the deal was completed late that evening, a source said yesterday.

The deal went ahead after Ayala Land’s executive committee approved the placement of 680 million common shares at a price of Ps20 a...

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