Villar’s power, infra REIT prices IPO at P1.50 per share | Inquirer Business
SEVENTH FIRM UNDER GROUP TO LIST

Villar’s power, infra REIT prices IPO at P1.50 per share

02:18 AM November 25, 2022

Billionaire Manuel Villar Jr.’s Premiere Island Power REIT Corp. set the final price for its initial public offering (IPO) at P1.50, which is 25 percent lower than the price first announced.

This translates to a P2.4-billion offering, which consists of 1.4 million secondary common shares and an overallotment option of up to 210 million secondary common shares.

“At P1.50, the offer price is rather attractive given the potential upside yield it presents with the market rebound,” Regina Capital Development Corp. head of sales Luis Limlingan told the Inquirer.

Article continues after this advertisement

Premiere, which will become the seventh publicly-traded firm under the Villar group, received approval from the Philippine Stock Exchange earlier this week. Proceeds will go to Villar-owned selling shareholders S.I. Power Corp. and Camotes Island Power Generation Corp.

FEATURED STORIES

Offer period is set for Nov. 28 to Dec. 5. The company eyes to make its trading debut on Dec. 15 under the stock symbol “PREIT.”

Premiere, according to its preliminary prospectus, has an authorized capital stock of P7.5 billion.

Article continues after this advertisement

It is envisioned to become the power and infrastructure REIT (real estate investment trust) platform of Prime Asset Ventures Inc. Group.

Article continues after this advertisement

“The principal investment mandate and strategy of the company is to invest on a long-term basis in critical real estate and infrastructure that will not only expand its portfolio but enable the company to attain its objective of meaningfully contributing to the promotion of clean, renewable and sustainable energy, as well as continue its progress on expanding social and missionary electrification,” the company said.

Article continues after this advertisement

Its initial property portfolio, which has an aggregated appraised value of P8.67 billion, includes land and power plant assets used for power generation.

The company tapped VFund Management Inc. and VProperty Management Inc. as fund manager and property manager, respectively.

Article continues after this advertisement

China Bank Capital Corp. is the sole issue manager, underwriter and bookrunner for the transaction.

—Tyrone Jasper C. Piad
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: initial public offering, Manuel Villar Jr., REIT

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.