Ricky Razon pushes back Prime Infra’s stock market debut plans
Ricky Razon pushes back Prime Infra’s stock market debut plans amid market turmoil
Ricky Razon of Prime Infra
Ultra bilyonaryo Enrique K. Razon Jr. has deferred to the middle of next year plans to list his infrastructure and energy holding firm due to the market turbulence sparked by soaring inflation and global challenges.
According to its underwriter BDO Capital & Investment Corp., Prime Infrastructure Capital Inc. is now targeting the second quarter of 2023 as a realistic timeline for its planned initial public offering, which is estimated to raise as much as P28 billion.
Prime Infra’s IPO, originally slated for this month, was among the highly anticipated offerings this year due its mammoth size. The company planned to sell up to 1.93 billion shares including an over allotment option, at a maximum price of P14.60 each.
“We will wait for the markets to recover,” said Eduardo Francisco, president of BDO Capital.
Net proceeds from the offer were supposed to fund Prime Infra’s energy, water and waste and sustainable fuel businesses.
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