* GT Capital prices offering at 620 pesos, middle of
* Selldown raises more than expected on Grand Titan offering
* GT Capital shares down 3.5 pct in early afternoon
HONG KONG, Jan 10 GT Capital Holdings Inc
, the flagship of Philippine banking tycoon George Ty,
and its controlling shareholder raised a larger-than-expected
$350 million in a share offering, benefiting from investor
demand to boost the company's free float and raise funds to
finance a recent stake purchase.
GT Capital sold 16.3 million new shares in a primary
offering through a so-called top up placement, while shareholder
Grand Titan Capital Holdings offloaded another 6.73 million
shares, the company said in a securities filing on Thursday.
Grand Titan had originally offered 4.08 million shares,
Thomson Reuters publication IFR reported on Wednesday, citing a
term sheet of the deal.
The shares were sold at 620 pesos each, or a discount of 7.7
percent to Wednesday's close, after being marketed in a range of
GT Capital shares fell 3.5 percent to 648.5 pesos in early
afternoon trade on Thursday, trading above the selldown price,
compared with a 1 percent decline in the benchmark index.
The stock has surged 42.5 percent since the company's $500
million initial public offering in April of last year.
The 14.3 billion peso ($350.5 million) selldown was more
than three times oversubscribed, GT Capital said in the filing.
The deal will increase the company's free float to about 40
percent from 30 percent.
GT Capital plans to use most of the proceeds from the
primary issuance to fund the 9 billion peso purchase of a 30
percent stake in Toyota Motor Philippines, which was announced
in October 2012.
UBS acted as sole bookrunner on the deal, GT
($1 = 40.8000 Philippine pesos)
(Reporting by Elzio Barreto and Erik dela Cruz in Manila;
Editing by Chris Gallagher)