Connect with us

Hi, what are you looking for?

News

Billionaire Razon’s Prime Infrastructure eyes IPO

Prime Infrastructure Holdings Inc., billionaire Enrique Razon’s sustainable infrastructure firm, is considering an initial public offering in Manila that could raise as much as $400 million, according to people with knowledge of the matter.

The company is working with financial advisers on the potential first-time share sale, the people said. A listing in the Philippines could take place as soon as this year, said the people, who asked not to be identified as the process is private.

Deliberations are ongoing and details of the offering such as the size and timing could still change, the people said. Prime Infra officials didn’t immediately respond to requests for comment.

A listing by Prime Infrastructure will give a boost to the IPO market in the Southeast Asian nation. The country hosted six new listings so far this year raising $352 million in total, down from $1.3 billion in the same period in 2021, according to data compiled by Bloomberg.

Prime Infrastructure was set up to focus on building assets that support sustainability priorities such as clean and renewable energy as well as access to clean water and waste management, according to its website. The company plans to build a facility including a solar panel installation with a capacity of as many as 3,500 megawatts, and a battery energy storage system that can hold up to 4,500 megawatt-hours, according to a statement.

Razon is the second-richest person in the Philippines, with a net worth of $5.1 billion, according to the Bloomberg Billionaires Index. He built his wealth mainly through his shipping company International Container Terminal Services Inc. Razon also controls Bloomberry Resorts Corp., which owns the Manila gambling complex Solaire Resort & Casino. — Bloomberg

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.