^

Business

PREIT IPO fully subscribed

Iris Gonzales - The Philippine Star

MANILA, Philippines — The initial public offering of the Villar Group’s Premiere Island Power REIT Corp. (PREIT) was fully subscribed as of Friday despite the prevailing market volatility, industry sources said.

The projected dividend yield of PREIT at 9.6 percent, which tracks benchmark rates, also made the offer attractive, according to sources.

As mandated by law, PREIT shall distribute at least 90 percent of its annual distributable income as dividends.

The offer period will end today, Dec. 5, with the remaining allocation reserved for local small investors.

PREIT’s initial public offering was priced at P1.50 per share, below the P2 per share the company indicated in its registration statement.

At P1.50 per share, the company is expected to raise P2.415 billion, lower than the earlier estimate of P3.2 billion.

PREIT is envisioned to be the power and infrastructure REIT platform of Villar-led Prime Asset Ventures Inc. It is sponsored by S.I. Power Corp. (SIPCOR) and Camotes Island Power Generation (CAMPCOR).

The company is offering 1.4 billion firm shares and up to 210 million over-allotment option shares to be sold by SIPCOR and CAMPCOR.

China Bank Capital Corp. is the sole issue manager, underwriter, and bookrunner for the offer. RCBC Capital Corp. is the participating underwriter.

Tycoon Manuel Villar Jr. said the group has plans to conduct more initial public offerings for its other companies such as PAVI Green and The Coffee Project.

IPO

Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with