Friday, March 16, 2012

IPO News: GT Capital and EastWest Approved

Two companies are set to go public very soon in the Philippine Stock Exchange. They are GT Capital Holdings Corp, and East West Banking Corp., two companies received approval from the Securities and Exchange Commission (SEC) to hold an IPO.

GT Capital is the holding firm of tycoon George S. K. Ty. The company plans to sell 41,217,300 shares at P520 a piece which will then go to debt payments and to fund "key growth projects".

Meanwhile, commercial bank, East West Banking, owned by the Gotianun family, plans to offer up to 245,316,259 shares at P23.50 per share. The money raised in the IPO will primarily be used to expand the bank's network and infrastructure.

GT Capital is working with UBS AG as their international bookrunner and lead manager, while First Metro Investment Corp. will be the company's domestic bookrunner and lead underwriter.

For East West Bank, Deutsche Bank AG and J.P Morgan Securities Ltd. have been appointed as joint bookrunners and international lead managers in the IPO project, while Unicapital, Inc. has been tapped by the company to become the domestic lead underwriter.

No schedule has yet been announced by either companies when exactly are they planning to hold their IPO.