Type to search

Prime Infrastructure Poised to Launch Philippines’ Biggest IPO

Prime Infrastructure is building the world’s largest solar power facility combined with a 4,000-4,500 megawatt-hour battery energy storage system

Enrique Razon
Businessman Enrique Razon owns the casino operator Bloomberry Resorts and is one of the Philippine's wealthiest tycoons. File photo: Reuters.


The Philippines could see its largest initial public offering (IPO) this year if tycoon Enrique Razon floats his infrastructure and energy holding firm.

Prime Infrastructure Capital plans to raise up to 28 billion pesos ($515 million) from a sale of 1.93 billion shares, including an over-allotment option, at a maximum price of 14.60 pesos apiece.

In Philippine filings, IPO prices are typically set above final selling prices, and the number of shares for sale could be cut.

If approved, the company will target October for the offer period and listing on the Philippine bourse, which has seen the listing of seven firms this year. The main index has lost 11% so far this year, tracking regional peers.

Razon, who Forbes says is the second-richest person in the Philippines with a net worth of $6.7 billion, built his fortune through casino-resort group Bloomberry and global port operator International Container Terminal Services.

Earlier this month the 62-year-old announced his acquisition of a controlling stake in a South China Sea gas field from fellow tycoon Dennis Uy, a supporter of former president Rodrigo Duterte who sold off many of his assets after the most recent election.

Prime Infrastructure is building the world’s largest solar power facility, with a capacity of 2,500-3,500 megawatts (MW), combined with a 4,000-4.500 megawatt-hour battery energy storage system.

A banking source prior to Tuesday’s filing said the amount of capital required in Razon’s expansion programme was too high for the debt or loan market.

Prime Infrastructure has hired BDO Capital, BPI Capital and CLSA Ltd to facilitate the deal.


  • Reuters, with additional editing by George Russell






ADB Lends Philippines $400m to Develop Capital Markets

Japan, Philippines Agree to Bolster Defence Cooperation

Philippines GDP to Gain $34bn from Meta Deals – Manila Bulletin


George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


AF China Bond