Connect with us

Hi, what are you looking for?

News

Razon files P28-billion Prime Infrastructure IPO

PHILIPPINE ports and gaming tycoon Enrique Razon, Jr. on Tuesday launched an up to P28-billion ($515 million) initial public offering (IPO) for his infrastructure and energy holding firm, according to a corporate filing.

The IPO of Prime Infrastructure Capital, Inc. could be the country’s largest this year, despite volatility caused by elevated inflation and an aggressive monetary policy tightening in the region.

Prime Infrastructure in its filing to the regulator said it plans to sell up to 1.93 billion shares, including an overallotment option, at a maximum price of P14.60 apiece. In Philippine filings, IPO prices are typically set above final selling prices, and the number of shares for sale could be cut.

If approved, the company will target October for the offer period and listing on the Philippine bourse, which has seen the listing of seven firms this year. The main index has lost 11% so far this year, tracking regional peers.

Mr. Razon, who Forbes says is the second-richest person in the Philippines with a net worth of $6.7 billion, built his fortune through casino-resort group Bloomberry and global port operator International Container Terminal Services, Inc.

The 62-year-old earlier this month announced his acquisition of a controlling stake in a South China Sea gas field. Reuters first reported his interest in May.

Fresh capital will be used for the Prime Infrastructure’s energy, water, and waste and sustainable fuels businesses.

It is building the world’s largest solar power facility, with a capacity of 2,500-3,500 megawatts (MW) combined with a 4,000 MW-hours (MWh) to 4,500 MWh battery energy storage system.

A banking source prior to Tuesday’s filing told Reuters the amount of capital required in Mr. Razon’s expansion program was too high for the debt or loan market.

Prime Infrastructure hired BDO Capital & Investment Corp., BPI Capital Corp., and CLSA Ltd. to facilitate the deal. — Reuters

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.