Sidley Austin has acted on the $500 million initial public offering of GT Capital Holdings, the Philippines’ first this year and second-biggest ever.
Reuters reported that the stock jumped following its market debut on Friday, Apr. 20, when it raised 21.6 billion pesos ($500 million), adding the domestic tranche of the issue was more than two times oversubscribed. The IPO was the Philippines’ biggest since Cebu Air Inc raised about $600 million in October 2010.
GT Capital, the flagship company of tycoon George Ty, is a major Philippine conglomerate with interests in market-leading businesses across banking, real estate development, power generation, automotive and life insurance.
Sidley Austin advised GT Capital on U.S. Law, with Feria Law acting as counsel on Philippine law. Meanwhile, Allen & Overy acted as international counsel, and Picazo Buyco Tan & Fider acted as Philippine counsel to UBS, the sole international underwriter.
Sidley Austin’s team was led by partner Alex Lloyd, who was supported by Benjamin Carale and Dorothy Dizon. “We are honored to have had the opportunity to act as international counsel to GT Capital in its successful IPO,” said Lloyd in a statement. “The global offering was the first IPO of its kind from a Philippine company this year and was very well-received. We hope it is just the first of many more to come.”
Reuters said that GT Capital plans to use proceeds from the offering to fund the expansion of various units, such as the hotel and residential projects of its real estate arm Federal Land Inc and power generation businesses under Global Business Power Corp. ALB
Ranajit Dam is Southeast Asia Editor at ALB. Follow him on Twitter: @RanajitDam_ALB