Filinvest postpones follow-on share sale

The Philippine conglomerate says the proposed offer price didn't reflect the true value of the company. Meanwhile, India's Tata Steel fixes the price of its follow-on at the top of the range to raise $766 million.

It was a busy week in Asia's capital markets last week with three convertibles, one exchangeable and numerous follow-ons and blocks. But, in a clear sign that price is still an issue, both for investors and issuers, Filinvest Development Corp on Friday announced that it was postponing its follow-on offering, which had been due to price after the close of US trading last Wednesday.

The Philippine conglomerate, which is owned by the Gotianun family and has interests in property development, banking and the sugar industry, had been seeking to raise between Ps12.5 billion to Ps15 billion $276 million to $332 million, excluding the 15% overallotment option,  and was set to become the first...

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