Travellers International halves IPO price amid shaky market sentiment

Travellers International Hotel Group has slashed the maximum price of shares in its planned initial public offering by almost half to 11.88 pesos (US $0.27) a share, from the original plan of 23.38 pesos, amid continuing market volatility. 

The sale may now raise as much as US $430 million. Travellers, which is a venture between Genting Hong Kong Ltd. and Alliance Global Group Inc. plans to sell as many as 1.57 billion primary shares and as many as 236 million stocks in an over-allotment option to fund expansion. Markets have warmed up to the new scheme.