Ayala raises $350m from top-up placement

Ayala Land, the Philippine property developer, raised Ps15.8 billion $350 million from an accelerated top-up in shares on Friday night, in the middle of the initial price range.

The deal consisted of 480 million primary shares offered at an indicative range of Ps32.75 to Ps33.50 per unit. This represented a discount range of 6.4% to 4.3% to Thursday's closing price of Ps35 per share, according to a term sheet seen by FinanceAsia.

Ayala Land experienced strong demand soon after books opened in spite of a slow start to the year for equity capital markets - Asia ex Japan ECM activity is down 83% in the first...