Travellers defers $842 mln Philippine IPO on stock market fall - IFR
MANILA, June 25
MANILA, June 25 (Reuters) - The Philippines' Travellers International Hotel Group has deferred its 36.8 billion peso ($842 million) initial public offering to September or October after recent declines by local and global stock markets, IFR reported on Tuesday.
The premarketing that started on June 13 was to end on Tuesday and given market conditions the company decided not to start bookbuilding, said IFR, a Thomson Reuters publication.
Travellers is a joint venture between casino operator Genting Hong Kong Ltd and Philippine conglomerate, Alliance Global Group Inc.
Under the original schedule, bookbuilding was to start in late June and the listing was targeted for mid-July, IFR said.
Last week, Macau gaming company Macau Legend Development also postponed its up to $788 million Hong Kong IPO.
Travellers hired Bank of America Merrill Lynch, CIMB , Maybank, Religare Capital Markets and UBS to handle the offering.