PNOC-EDC sets IPO timetable

The PNOC-Energy Development Corp.(EDC), the geothermal arm of the Philippine National Oil Co. (PNOC), has approved the timetable for its initial public offering (IPO), a ranking official said.

EDC president and chief executive officer Paul Aquino said based on the approved timeline for the privatization, the company will conduct pre-marketing from Nov. 6 to 17.

By Nov. 15, Aquino said they would be able to determine the price range for the offering. The price would then be fixed by Dec. 1.

The international roadshow, he said, would kick off by Nov. 20. The roadshow will be held in Singapore, Hong Kong, London, Frankfurt, Boston, New York and San Francisco.

Aquino said the domestic roadshow, meanwhile, will be carried out in Cebu and Davao by Nov. 20 and 21.

The domestic offering, on the other hand, will be undertaken from Dec. 4 to 8. The listing at the Philippine Stock Exchange (PSE) is targeted by Dec. 13.

PNOC-EDC expects to raise about $150 million to $300 million from the offering. It will use part of the proceeds to fund the acquisition of new drilling equipment.

PNOC-EDC is the country’s largest producer of geothermal energy, accounting for more than 60 percent of installed generating capacity. Its geothermal fields in Leyte, Negros Oriental, Bicol and Cotabato have a total capacity of 1,149.4 megawatts.