A 3.26 billion secondary share offering for Premium Leisure Corp was priced during the weekend at Ps1.65 per share, raising Ps5.38 billion $120 million for its parent Belle Corporation. The issue price represented a 10.4% discount to the stock's Ps1.84 close on September 18 when it was suspended and changed its name from Sinophil.
About 30 investors participated in a deal that, as expected, had a very strong domestic flavour. About 80% of the paper was allocated to local and long only funds, with the top five accounts taking 70% of the overall deal.
There is also a greenshoe of 489.56 million shares, which could yet...
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