rcbc-prices-followon-at-18-discount

RCBC prices follow-on at 18% discount

The bank will raise at least $102 million from the follow-on offering once the domestic tranche is completed. Investors are attracted by a new CEO and the bank's macro-economic potential.
Rizal Commercial Bank Corp RCBC has completed the institutional portion of a $102 million follow-on offering that has the potential to increase its free-float from 8% to 28%.

The offer was priced in the early hours of Friday morning at Ps27 per share, which represents an 18% discount to ThursdayÆs closing price. This would be considered very wide in most other markets, but observers say the large size of the deal in relation to current liquidity and the fact that the stock has already risen 58% year to date, made the pricing quite reasonable.

Including the 15% greenshoe, the full deal-size of Ps5.67 billion $117 million will equal 19.5% of the existing share capital and...
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