East West Banking is set to raise $106 million from Philippine IPO

East West Banking Corp, a medium-sized commercial bank in the Philippines, has set the price of its initial public offering at the bottom of the range and is set to raise Ps4.5 billion $106 million ahead of its listing on May 7.

The issuer, which provides banking services to retail and mid-market corporate customers under the name of EastWest Bank, priced the deal yesterday at Ps18.50 a share. The shares were marketed in a range between Ps18.50 and Ps23.50.

The 70% institutional portion, which was targeted at both international and domestic institutions, was about two times covered when the bookbuilding ended yesterday, according to sources. Of...