SM Prime Holdings, the property arm of the Philippines' wealthiest family, raised Ps18.02 billion $400 million from a placement of Treasury shares on Tuesday. JP Morgan and Macquarie led the 1.06 billion share offering, which will fund the Sy family's ambitious Ps400 billion five-year capital expenditure plan.
The deal was priced at Ps17 per share, which represents a 4.93% discount to the stock's Ps17.88 close. This was the cheapest end of a range, which began flat to the close.
Pricing at this level is not very surprising given the deal represented a hefty 80 days trading volume. When it opens on Wednesday, the stock may see...
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