Jurisdiction - Philippines
Philippines – Allen & Overy Advises LT Group On Largest Equity Offering By Philippines Corporate Issuer.

22 April, 2013


Allen & Overy has advised Philippine conglomerate LT Group, Inc. (LTG) on its PHP37.72 billion (approximately USD920 million) public offering.  The offering is the largest ever equity offering by a Philippines corporate surpassing the USD620 million IPO completed by Cebu Pacific Air in 2010.  The transaction saw overwhelming demand from investors, including significant demand from cornerstone investors who participated in the transaction through the first formal cornerstone tranche for a Philippine equity placement.  Also, according to Dealogic, the issue is the second largest equity capital markets transaction from a Philippines issuer on record, and the third largest follow-on equity offering in south-east Asia so far this year. 

LTG is the primary vehicle for the diversified consumer-focused businesses (holding and management companies) of the family of Dr Lucio Tan, the founder of Lucio Tan Group.  

James Grandolfo, Hong Kong based partner and head of Allen & Overy’s international capital markets practice in Asia Pacific, who led the team, said, “It was an honour to have been involved in this extremely important transaction which was significant not only for the LT Group but also for the Philippines capital markets generally.  This transaction is proof that well run Philippine businesses are clearly on the radar of the largest and most important investors around the world.” 

James was assisted on the transaction by senior associate Paul Pery and associates Adam Heyd and Marcus Eldridge. 


For further information, please contact: 


James Alexander, Allen & Overy

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