Analysts said that the deal price â€" which was set right at the top end of the indicative price range of P18 to P20.50 â€" was not cheap. But they noted that offshore investors were likely banking on the favorable Philippine macroeconomic backdrop alongside rosy long-term prospects for LTG. On news of LTG’s equity deal, the company’s shares surged by 11.11 percent to a record high P23 per share.
“It’s good that they were able to sell at that price. Probably it’s due to the good timing as there’s a lot of interest in Philippine stocks and they (overseas investors) are looking for something big aside from the usual large-cap stocks such as those from the Ayala or SM groups,†said Joseph Roxas, president of local stock brokerage Eagle Equities Inc.
Prior to the LTG deal, the two largest IPOs completed in the country were those conducted by tycoon Henry Sy-led SM Investments Corp. and budget carrier operator Cebu Air Inc. SMIC raised P28.8 billion in 2005 and Cebu Air, P23.33 billion in 2010.
“It’s good that they were able to sell at that price. Probably it’s due to the good timing as there’s a lot of interest in Philippine stocks and they (overseas investors) are looking for something big aside from the usual large-cap stocks such as those from the Ayala or SM groups,†said Joseph Roxas, president of local stock brokerage Eagle Equities Inc.
Prior to the LTG deal, the two largest IPOs completed in the country were those conducted by tycoon Henry Sy-led SM Investments Corp. and budget carrier operator Cebu Air Inc. SMIC raised P28.8 billion in 2005 and Cebu Air, P23.33 billion in 2010.
















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