GT Capital sets P24.7-B IPO

MANILA, Philippines - GT Capital Holdings Inc., the holding firm of banking tycoon George S.K. Ty, has set its P24.66-billion initial public offering (IPO) of shares in April.

In a revised prospectus submitted to the Securities and Exchange Commission, GT Capital said the pricing and allocation of shares for the international offer will be on April 3 while the domestic offer period will run from April 10 to 17.

Listing has been tentatively scheduled on April 23.

GT Capital, the primary vehicle for the management of the various interests of the Ty family in banking, real estate, power generation, automotive and life insurance, plans to raise as much as much as P24.66 billion through the sale of up to 41.217 million common shares at a maximum price of P520 each share.

Up to 33 million new common shares will be issued through a primary offering and up to 8.217 million existing shares will be sold by shareholders Ausan Resources Corp., Grand Titan Capital Holdings and Titan Resources Corp.

The company has also allotted as much as 6.182 million common shares worth P3.21 billion for the greenshoe option in case of strong demand for the issue.

 The offer shares represent 26 percent to 30 percent of the company’s outstanding capital stock post-IPO.

UBS is the sole global coordinator and international bookrunner for the share sale while First Metro Investment Corp. is the sole domestic underwriter.