LT Group, a Philippine-listed company controlled by the family of local tycoon Lucio Tan, started the management roadshow and bookbuilding yesterday for a fully marketed follow-on, which is aiming to raise between Ps28.8 billion and Ps32.8 billion $695 million to $792 million.
Reflecting investor enthusiasm, the deal had attracted strong cornerstone demand before the launch. Eleven cornerstone investors have committed to subscribe for 1 billion shares, or 62.5% of the base deal, a source said, adding that they are global long-only investors.
Even at the bottom of the price range, the deal will be the biggest equity fundraising in the Philippines since BDO Unibank raised $1...
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