Metro Manila (CNN Philippines, June 21) — Prime Infrastructure Holdings, Inc. (Prime Infra), led by businessman Enrique K. Razon Jr., has filed an application to raise up to ₱28.19 billion from an initial public offering (IPO).
Prime Infra plans to offer up to 1.75 billion common shares priced at ₱14.60 each, with an overallotment of 175.57 million additional shares, according to a prospectus filed at the Securities and Exchange Commission.
Net proceeds from the offer would finance projects in the group’s energy, water, and waste and sustainable fuels businesses.
Its pricing is set for September 28, while the offer period will run from October 3-7 of this year.
The listing date of shares on the Philippine Stock Exchange is being eyed by October 12.
The company has tapped CLSA Limited, BDO Capital & Investment Corporation, and BPI Capital Corporation as joint bookrunners for the transaction.
Earlier this month, Prime Infra said it would build the world’s largest solar facility, which will have a capacity of 2,500 to 3,500 megawatts (MW) combined with a 4,000 to 4,500 megawatt hour (MWh) battery energy storage system.
Terra Solar Philippines, a unit of Prime Infra subsidiary Terra Renewables Holdings, will build the facility in partnership with Solar Philippines Power Project Holdings led by Leandro Leviste.
READ: PH set to house world’s largest solar power facility
