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Stock Commentary

A Brown’s P1.4-B FOO lists today

Merkado Barkada
A Brown�s P1.4-B FOO lists today

A Brown [BRN 0.66, up 3.1%] [link] announced that it raised P1.44 billion through its preferred shares follow-on offering (FOO). The base offer was for 10 million shares between the two series, with an oversubscription option of up to 5 million shares, for a total potential raise of up to P1.5 billion. BRN will list 14.37 million shares today, which represents 95.8% of the offer and oversubscription option.


MB bottom-line: This is the second batch of preferred shares to list in back-to-back days following Century Properties [CPG 0.285, up 1.8%] and its P2 billion listing on Thursday. The BRN prefs carry a dividend rate of 8.25% for BRNPB and 8.75% for BRNPC, while the CPGPB preferred shares carry a rate of 7.5432%. Perhaps this difference alone is enough to explain why CPG failed to sell any of its ambitious oversubscription option and BRN almost sold out entirely. Either way, both companies’ prefs are now listed and available for trading. The MB Underwriter League Tables have been updated!

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