Filinvest prices follow-on at 1.2% discount to latest close

The Philippine property developer attracts $900 million worth of demand for its $204 million deal, despite a 25% share price gain in the past six weeks.

Property developer Filinvest Land has priced its follow-on share offering at Ps1.60 per share for a maximum deal size of Ps9.94 billion $204 million.

The sale will boost the freefloat of the company to 30.8% from the present 13.3%, which û at least in theory - should make the stock more attractive to international investors and reduce the valuation discount. Prior to this sale Filinvest traded at about a 30% discount to net asset value.

The price represented a...

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