EastWest Bank sets IPO price at P18.50
MANILA, Philippines - EastWest Banking Corp., the banking unit of the Gotianun family, has finalized the offer price of its planned initial public offering (IPO) of shares at P18.50 each, the low-end of the indicative price range.
The bank will be selling a total of 245.316 million new common and secondary shares to raise around P4.54 billion.
EastWest Bank is also setting aside up to 36.797 million shares, coming from the shares of the selling shareholder, for the over-allotment option.
Of the total, up to 141.056 million new shares will be issued via a primary offer to generate about P2.61 billion. The balance will be sold by parent firm First Development Corp to raise about P1.9 billion.
Including the greenshoe option, EastWest Bank will raise a maximum P5.21 billion from the offering.
More than half of the offer shares, or up to 171.72 million shares, will be sold overseas while 73.594 million shares will be issued to the domestic market.
Deutsche Bank AG and JP Morgan Securities will serve as EastWest Bank’s international lead managers while Unicapital Inc. is the domestic lead underwriter.
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