Robinsons Said to Raise $621 Million in Philippines Initial Sale

Robinsons Retail Holdings Inc. (RRHI), the operator of supermarkets and department stores, raised 26.8 billion pesos ($621 million) after pricing the Philippines’ biggest initial public offering this year at the low end of a marketed range, said three people with knowledge of the matter.

The company, controlled by Philippine billionaire John Gokongwei, will sell 461.9 million shares at 58 pesos apiece, the people said, asking not to be named as the process is private. Robinsons Retail had offered the shares at 55 pesos to 66 pesos each, after cutting the maximum price from 86.64 pesos.

Robinsons completed the country’s biggest initial share sale of 2013, topping Travellers International Hotel Group Inc.’s $411 million sale this month, according to data compiled by Bloomberg. Travellers, a venture of Genting Hong Kong Ltd. and Alliance Global Group Inc., cut the maximum price of its offering by almost half.

The country’s benchmark stock index has fallen about 10 percent since reaching a high in May. It is still up 14 percent since the start of the year.

Share sales this year will be below 200 billion pesos as companies opt to pare the size of their IPOs, Philippine Stock Exchange President Hans Sicat said Oct. 17. Before the Robinsons offering, companies had raised $702.8 million through IPOs in the Philippines in 2013, data compiled by Bloomberg show.

Deutsche Bank AG, UBS AG and JPMorgan Chase & Co. are the global coordinators for the IPO. Maybank ATR Kim Eng Financial Corp. is the domestic lead underwriter.

To contact the reporter on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net

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