JG Summit raises $200m from top-up placement

JG Summit, the Philippine conglomerate, raised $200 million from an accelerated top-up in shares on Wednesday night at the bottom of the initial price range.

The deal consisted of 145.7 million primary shares offered at a price range of P61 to P64 per unit, representing a 12.7% to 8.4% discount to the January 20 closing price of P69.90 per share, according to a term sheet seen by FinanceAsia.

Strong share price performance last year ensured JG Summit experienced strong demand, particularly from domestic investors.

The top five positions accounted for 50% of the deal, and there were over 70 lines...