LT Group raises $792 million from Philippines’ largest public deal

The conglomerate’s re-IPO attracts strong demand from global investors, allowing the price to be fixed at the top of the range.
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Tanduay's rum brands now form part of consumer conglomerate, LT Group
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<div style="text-align: left;"> Tanduay's rum brands now form part of consumer conglomerate, LT Group </div>

LT Group, a Philippine-listed conglomerate controlled by the family of local tycoon Lucio Tan, has raised Ps32.8 billion $792 million from a fully marketed follow-on, after fixing the price at the top of the indicative range.

The deal is the largest-ever equity fundraising targeted at public investors in the Philippines, ahead of Cebu Air’s $611 million initial public offering in 2010, according to Dealogic. It is also the country’s second-biggest equity fundraising overall after BDO Unibank’s $1 billion fully-underwritten rights issue last year.

LT Group was previously known as Tanduay Holdings and focused on the production of distilled spirits, including Tanduay Five Years Fine Dark Rhum. But...

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