By Jenniffer B. Austria
Premiere Island Power REIT Corp. of the Villar Group priced its initial public offering at P1.50 per share.
The company said in a filing with the stock exchange Thursday the final offer price would be 25 percent lower than the initial guidance and was set following the completion of a book-building process.
PREIT will raise P2.42 billion in proceeds from the sale of 1.4 billion secondary shares and another 210 million over-allotment shares based on the final price offer.
The public offering will run from Nov. 28 to Dec. 5, with listing on the main board of the local bourse scheduled on Dec 15.
PREIT will have a public float of 48.96 percent post-IPO, assuming the over-allotment shares will be fully exercised.
China Bank Capital Corp. is the sole issue manager, underwriter and book runner for the IPO while RCBC Capital Corp. is a participating underwriter.
PREIT is the power and infrastructure platform of Prime Asset Ventures Inc., the holding company of Manuel Paolo Villar, the eldest son of real estate tycoon Manuel Villar.
The company’s initial property portfolio consists of land and power plant assets utilized in the power generation projects of major shareholders Siquijor Island Power Corp. and Camotes Island Power Generation Corp.
These projects, located in Cebu and Siquijor, have a combined installed capacity of 21.2 megawatts.
It aims to be among the leading diversified power and infrastructure REITs in the Philippines in terms of portfolio, profitability, growth, sustainability and dividend yield.
PREIT will be the 9th company to conduct a maiden share offering this year—a record number of IPOs for the local bourse.
Among the firms that joined the PSE this year were Haus Talk Inc., Figaro Coffee Group Inc., Citicore Energy REIT Corp., Bank of Commerce, CTS Global Equity Group, Inc., Raslag Corp., VistaREIT Inc. and Balai ni Fruitas Inc.
Five were listed on the main board while three joined the small, medium and emerging board of the PSE.