filinvest-prices-followon-at-12-discount-to-latest-close

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 5.8% discount to the 10-day volume-weighted average price, which compared with early indications that the deal would price at a discount of up to 8%. However, the share price did fall 4.7% during the two-week...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222