Prime Infrastructure Capital Inc. (Prime Infra) is looking at a P28.32 billion initial public offering (IPO).
The infrastructure-related holding firm of Enrique Razon, more known for his group’s investments in global container terminal operations and the gaming business in the country, is looking to sell as much as 1.95 billion shares, divided into an initial 1.76 billion and another 175.58 million covering the greenshoe option, at an offer price of up to P14.60 per share.
Prime Infra has exposure in bulk water, power generation, and waste businesses. Its units include listed Manila Water Co. Inc., Prime Metro Power Holdings Corp., Prime Metroline Infrastructure Holdings Corp. Prime Infrastructure Inc., Trident Water Company Holdings Inc., Ahunan Power Inc., Solar Philippines Tanauan Corp., Solar Philippines Tarlac Corp., Terra Solar Philippines Inc., WasteFuel Philippines Inc., Prime Integrated Waste Solutions Inc. and WawaJVCO Inc.
The offer shares comprise 22 percent of the company’s issued and outstanding share post-IPO, with 70 percent of the shares for sale eyed to be sold overseas, but outside the US.
The company plans to use the proceeds to fund projects – P20.4 billion for energy, P3.5 billion for water, and P1.1 billion for waste and sustainable fuels businesses.
CLSA Limited will serve as sole global coordinator and international bookrunner, while BDO Capital & Investment Corp. and BPI Capital Corp. will be joint local underwriters.
