Manny Villar’s power REIT gets SEC OK to launch P3.2B IPO

Manny Villar

The Securities and Exchange Commission (SEC) has approved the planned P3.2 billion initial public offering of the power and real estate investment trust led by ultra bilyonaryo Manny Villar’s son Paolo.

Premiere Island Power REIT Corporation (PREIT) will offer up to 1.4 billion common shares, plus up to 210 million shares for the over allotment option, at P2 each.

Net proceeds from the offer, amounting up to P3.09 billion assuming the overallotment option is fully exercised, shall be reinvested in the Philippines.

The offer period will run from November 25 to December 2 and will start trading on the stock exchange on December 12, based on the latest timetable submitted to the SEC.

China Bank Capital Corp. is the sole issue manager, underwriter, and bookrunner for the offer while RCBC Capital Corp. is the participating underwriter.

PREIT is seen to be the power and infrastructure REIT platform of Villar-led Prime Asset Ventures. Its portfolio consists of land and power plant assets utilized in the power generation projects of SIPCOR and CAMPCOR in Cebu and Siquijor, which have a total combined installed capacity of 21.2 megawatts.

https://bilyonaryo.com/2022/11/15/manny-villars-power-reit-gets-sec-ok-to-launch-p3-2b-ipo/business/