robinsons-land-prices-liquidityboosting-followon-at-77-discount

Robinsons Land prices liquidity-boosting follow-on at 7.7% discount

The $194 million deal is 2.2 times covered with US investors taking up 44% of the shares.
Philippine property developer Robinsons Land RLC has priced its follow-on share offering at Ps12 per share for a 7.7% discount versus FridayÆs closing price, which resulted in a pre-greenshoe deal size of $194 million.

Investors were reasonably keen on the UBS-led deal which was aimed at increasing the free-float to about 40% from 7% to make the developer more attractive and accessible to international investors. The real estate unit of Gokongwei-led JG Summit Holdings hopes that the transaction will help to reduce what it views as an excessive valuation discount in relation to its peers. A hope that was also instrumental in attracting hedge funds to the deal.

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