A Philippine retail-chain operator and a Singaporean property trust are pushing ahead with initial public offerings amid tentative signs of recovery in Southeast Asian markets after a recent selloff that hit many emerging-market economies.
Robinsons Retail Group, an operator of retail chains including Toys "R" Us and Topshop in the Philippines, will start taking orders from investors on Tuesday for its more than US$700 million IPO in Manila, people with direct knowledge of the deal said Monday, paving the way for what would the nation's largest flotation this year.
According to the Wall Street Journal:
"Separately Monday, Viva Industrial Trust—an investment vehicle focused on industrial property—priced its planned flotation in Singapore to raise about 365 million Singapore dollars (US$293 million), after securing the backing of Chinese real-estate tycoon Tong Jinquan , who is putting S$200 million into the offering as a cornerstone investor.
In Malaysia, state-backed conglomerateUMW Holdings Bhd. is looking to raise as much as $850 million by listing its oil-and-gas unit on the domestic bourse. Indonesia's Salim family is looking to raise as much as $500 million by selling shares in their retailing business and in an initial public offering of their vehicle-financing arm this year''.
