Razon-led Prime Infrastructure files for P28-B IPO

MANILA, Philippines — Enrique Razon-led Prime Infrastructure Capital Inc. is planning to go public in a bid to raise cash to fund renewable energy projects, corporate regulators announced Tuesday.

Prime Infrastructure would sell to the public 1.76 billion common shares at a price of P14.60 each, according to filing documents released by the Securities and Exchange Commission.

If there is strong investor interest in the initial public offering, the company would sell 175.6 million more shares to meet the extra investor demand. Including the overallotment option, Prime Infrastructure would rake in P28 billion in net proceeds, in what could be the biggest IPO this year in the Philippines.

Of the total funds to be raised, P23 billion would go to Prime Infrastructure’s energy business while P3.5 billion would go to the company’s water segment. The remaining P1.1 billion would be spent on projects under the company’s waste and sustainable fuels business.

The IPO is targeted to happen from October 3 to 7. The company plans to debut on the local stock market “on or about” October 12.

Prime Infrastructure said it has “a solid track record supported by agile and forward thinking.” The company is developing a 140-MW solar power plant in Tanuan, Batangas, which will be built in two phases.

The first 70 MW of the Batangas solar plant is expected to be completed in the first half of 2024 while the second phase comprising 70 MW is expected to be completed in the second half of 2024.