MANILA, Philippines – Enrique Razon Jr.’s Prime Infrastructure Capital is raising as much as P28 billion through an initial public offering (IPO) to fund projects in its energy, water, and fuels businesses.
The Securities and Exchange Commission said Prime Infra submitted its registration statement on Tuesday, June 21, for the primary offer and sale of up to 1.75 billion common shares at an offer price of up to P14.60, with an overallotment option of up to 175.578 million shares.
Pricing is set for September 28, while the offer period is scheduled from October 3 to 7. Listing on the main board of the Philippine Stock Exchange is targeted to be on October 12.
The company engaged CLSA Limited, BDO Capital & Investment Corporation, and BPI Capital Corporation as joint bookrunners for the transaction.
Prime Infra’s portfolio includes:
- Ahunan Power – A company in Pakil, Laguna, with a 1,400-megawatt (MW) pumped storage hydroelectric power plant
- Chico JVCo – A joint venture company created to develop the 175-MW Chico hydropower project in Lubuagan, Kalinga
- Manila Water – The exclusive provider of water and wastewater services in the East Zone in Metro Manila
- Prime BMD – A heavy civil and industrial contractor formed in partnership with Australia’s BMD Group
- Solar Philippines Tarlac – Razon has a stake in Leandro Leviste’s solar company
- UMM Qasr – Iraq’s first fully automated gas-fired power plant
- Wastefuel – A subsidiary for its waste-to-fuel project being developed in partnership with US-based WasteFuel Global
- Wawa JVCo – A company formed to develop the Wawa Bulk Water Supply to deliver 518 million liters per day of water to households in Metro Manila’s East Zone
Prime Infra is also working to acquire a controlling stake in the operations of the Malampaya gas field. – Rappler.com
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