Robinsons Retail Holdings Inc sliced up to a third off the value of the Philippines' biggest share sale this year, hoping a cut-price offer will lure investors despite global market jitters over how the United States' budget showdown will play out. The department store and supermarket operator, owned by one of the country's richest families, the Gokongweis, said on Monday it expects to raise 27.9 billion to 33.5 billion pesos ($647 million to $777 million) by selling up to 484.75 million new shares, including over-allotment options.
It lowered the price of its planned issue to 55 pesos to 66 pesos per share from an earlier maximum of 86.64 pesos. The final price will be announced on October 24, with shares due to trade from November 11.
The lower end of the range values the initial public offering 36 percent below the 42 billion pesos Robinsons Retail had originally planned to raise in order to fund expansion of its domestic stores network. The upper end of the range values the deal at about 20 percent below the previous maximum.