Ayala Land raises $298 million from top-up placement

Ayala Land, a Philippine property developer, has raised Ps12.2 billion $298 million from an enlarged top-up placement, after pricing the deal below the mid-point of the indicative price range. The company plans to use the proceeds primarily to fund its next phase of development.

The deal, which was anchored by domestic orders, was launched after 5pm Hong Kong time on Wednesday. The order books were covered within about an hour after the launch and closed at 9.30pm.

Strong demand led Ayala Land to increase the offering size by about 25% to 399.5 million shares, from the original plan for 320 million shares, it said in a statement...