Ayala raises $350m from top-up placement

The property developer defied rocky market conditions to complete the Philippines' first placement in 2015.

Ayala raises $350m from top-up placement
An Ayala shopping mall in Subic Bay, Luzon, in the Philippines

Ayala Land, the Philippine property developer, raised Ps15.8 billion $350 million from an accelerated top-up in shares on Friday night, in the middle of the initial price range.

The deal consisted of 480 million primary shares offered at an indicative range of Ps32.75 to Ps33.50 per unit. This represented a discount range of 6.4% to 4.3% to Thursday's closing price of Ps35 per share, according to a term sheet seen by FinanceAsia.

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