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Business

Razon’s Prime Infra files for P28 billion IPO

Iris Gonzales - The Philippine Star

MANILA, Philippines — Enrique Razon’s Prime Infrastructure Capital Inc. (Prime Infra) has filed for a P28.19 billion initial public offering (IPO).

According to its registration statement filed with the Securities and Exchange Commission, Prime Infra will offer 1.75 billion common shares priced at P14.60 per share with an over-allotment option of 175.57 million shares.

Net proceeds from the offer will be used to fund projects in Prime Infra’s energy, water, and waste and sustainable fuels businesses.

The company engaged CLSA Ltd., BDO Capital & Investment Corp., and BPI Capital as joint bookrunners.

Prime Infra is a holding company focused on the ownership of infrastructure companies across four core industrial sectors – water, energy generation, construction, and waste and sustainable fuels – in the Philippines and other emerging markets.

The company’s principal operating businesses and portfolio companies are held through direct shareholdings in wholly owned subsidiaries, Prime Metro Power Holdings Corp., Prime Metroline Infrastructure Holdings Corp., and Prime Infrastructure Inc.

Prime Infra earlier announced it was set to acquire a controlling stake in businessman Dennis Uy’s Udenna-led Malampaya deep-water gas-to-power project, one of the biggest and most successful, commercial gas finds in the Philippines.

The acquisition process has kicked off and will close subject to the consent of various parties, including the Department of Energy (DOE) and the Philippine National Oil Co.- Exploration Corp. (PNOC-EC). The transaction will also go through other regulatory and lenders’ approvals within that period.

The Malampaya deep-water gas project ushered the natural gas industry into the Philippines. It supports up to 20 percent of the country’s electricity requirements using indigenous resources of natural gas, the cleanest-burning hydrocarbon, and reduces the need for imported oil.

Phases 2 and 3 have sustained levels of gas production in recent years, helping to maintain national energy security.

Razon is also behind listed ports operator International Container Terminal Services Inc. and Bloomberry Resorts Corp., the listed casino operator.

IPO

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