JG Summit Prepares Big IPO for Its Robinsons Retail Group
JG Summit, the holding firm of billionaire John Gokongwei, is planning an initial public offering (IPO) of Robinsons Retail Group, the operator of supermarkets and department stores, said three people with knowledge of the matter.
The sale, which may raise about $800 million, could take place in Manila by the end of this year, one of the people said, asking not to be identified as the information is private. The company is already working with investment banks on the planned offering, the people said.
The offering would be among the largest in the Philippines, where stocks this month reached record levels after the country won its first investment-grade credit ratings from Fitch Ratings Ltd. and Standard & Poor's, data compiled by Bloomberg show. Equity sales have already hit $2.5 billion this year, compared with 2012's record $3.6 billion, the data show.
"Philippines has been hot, primarily driven by political stability," said Christopher Wong, a Singapore-based fund manager at Aberdeen Asset Management, which oversees more than $90 billion of regional equities. …