Century Properties scraps secondary portion of re-IPO

The deal, which followed a backdoor listing last year, shrinks to $54.5 million as demand is only enough to cover the primary portion.
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Century chairman Joey Antonio signing a deal with Donald Trump in New York
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<div style="text-align: left;"> Century chairman Joey Antonio signing a deal with Donald Trump in New York </div>

Century Properties Group completed its inaugural share sale on Friday after going public through a backdoor listing last year. The deal gave international investors a chance to buy into the small-cap Philippine developer for the first time, though demand wasn’t strong enough to cover the entire offering and in the end the parent company chose to withdraw the secondary portion of the deal.

The remaining two-thirds that were made up of new shares issued by the company were priced at the bottom of the range, resulting in a total deal size of Ps2.33 billion $54.5 million. Including the secondary shares that were supposed to be sold by Century Properties...

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