Aboitiz Power kicks off roadshow for P12-B IPO
The domestic roadshow for the initial public offering (IPO) of Aboitiz Power Corp. (APC), the holding firm for all power assets of Aboitiz Equity Ventures Inc. (AEV), kicked off Friday.
In a disclosure to the Philippine Stock Exchange, AEV said the international offering, on the other hand, will immediately follow.
The pricing of the shares, meanwhile, has been set on June 30 after the close of the bookbuilding process and following discussions between APC and its underwriters.
AEV president and chief executive officer Jon Ramon Aboitiz said the roadshows will be held in Singapore, New York, London and Singapore.
Aboitiz said 70 percent or up to 1.22 billion of the shares to be offered will be sold in the international market while 30 percent or 521.74 million shares are reserved for domestic investors.
The shares will be sold at a maximum of P6 each share to raise as much as P12 billion.
APC has granted UBS AG as stabilizing agent an over-allotment option of up to 15 percent of the total offer shares representing up to 260.87 million shares.
UBS AG serves as the sole global coordinator and book runner for the issue with CLSA Ltd. and Macquarie Securities Pte. Ltd. acting as co-lead managers.
BDO Capital and PCI Capital Corp., on the other hand, have been tapped as lead domestic underwriters for the offering while ATR Kim Eng Capital Partners, Inc., BPI Capital Corp. and First Metro Investment Corp. will serve as domestic co-lead underwriters.
The domestic offering is expected to run from July 4 to 6 while the listing of the shares has been set on July 16.
Proceeds from the offering will be used to enhance APC’s position as a participant in the privatization of state-owned power generation assets as well as in the development and acquisition of additional power projects.
The IPO is consistent with the provisions of the Electric Power Industry Reform Act (EPIRA) which calls for broader public ownership of electricity distribution and generation assets.
Since its inception in 1998, APC has accumulated interests in power generation facilities with a total installed capacity of 686 megawatts as of end-2006.
Among the companies under APC include Davao Light & Power Co. Inc., Visayan Electric Co. Inc., Hijos de F. Escaño Inc., Cotabato Light & Power Co., Subic Enerzone Corp., San Fernando Electric Light and Power Co., Pampanga Energy Ventures Inc., and Aboitiz Energy Solutions Inc.
VECO and DLPC are the second and third-largest privately-owned distribution utilities in the country in terms of both customers and annual power sales.
By ZINNIA B. DELA PEÑA - The Philippine Star
In a disclosure to the Philippine Stock Exchange, AEV said the international offering, on the other hand, will immediately follow.
The pricing of the shares, meanwhile, has been set on June 30 after the close of the bookbuilding process and following discussions between APC and its underwriters.
AEV president and chief executive officer Jon Ramon Aboitiz said the roadshows will be held in Singapore, New York, London and Singapore.
Aboitiz said 70 percent or up to 1.22 billion of the shares to be offered will be sold in the international market while 30 percent or 521.74 million shares are reserved for domestic investors.
The shares will be sold at a maximum of P6 each share to raise as much as P12 billion.
APC has granted UBS AG as stabilizing agent an over-allotment option of up to 15 percent of the total offer shares representing up to 260.87 million shares.
UBS AG serves as the sole global coordinator and book runner for the issue with CLSA Ltd. and Macquarie Securities Pte. Ltd. acting as co-lead managers.
BDO Capital and PCI Capital Corp., on the other hand, have been tapped as lead domestic underwriters for the offering while ATR Kim Eng Capital Partners, Inc., BPI Capital Corp. and First Metro Investment Corp. will serve as domestic co-lead underwriters.
The domestic offering is expected to run from July 4 to 6 while the listing of the shares has been set on July 16.
Proceeds from the offering will be used to enhance APC’s position as a participant in the privatization of state-owned power generation assets as well as in the development and acquisition of additional power projects.
The IPO is consistent with the provisions of the Electric Power Industry Reform Act (EPIRA) which calls for broader public ownership of electricity distribution and generation assets.
Since its inception in 1998, APC has accumulated interests in power generation facilities with a total installed capacity of 686 megawatts as of end-2006.
Among the companies under APC include Davao Light & Power Co. Inc., Visayan Electric Co. Inc., Hijos de F. Escaño Inc., Cotabato Light & Power Co., Subic Enerzone Corp., San Fernando Electric Light and Power Co., Pampanga Energy Ventures Inc., and Aboitiz Energy Solutions Inc.
VECO and DLPC are the second and third-largest privately-owned distribution utilities in the country in terms of both customers and annual power sales.
By ZINNIA B. DELA PEÑA - The Philippine Star
Labels: Aboitiz Equity Ventures, Aboitiz Power Corp, Philippine Stock Exchange
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