Robinsons Retail Holdings, an operator of more than 900 retail outlets in the Philippines, will raise Ps26.79 billion $621 million from its initial public offering after fixing the offer price slightly above the bottom of the indicated range at Ps58 per share.
The company, which is controlled by the Gokongwei family that is also the controlling shareholder of conglomerate JG Summit, food and beverage company Universal Robina and property developer Robinsons Land, initially offered the shares at a price between Ps55 and Ps66 apiece.
The low-end pricing came despite the fact that the international tranche, according to sources, was more than four times subscribed and that the...
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