Aboitiz Power sets offer price at P5.80/sh

Aboitiz Power Corp., the energy investment unit of Aboitiz Equity Ventures, on Monday said it has set its initial public offering price at P5.80 per share. This means that the company stands to raise roughly P10 billion from the IPO, where it plans to list 7.4 billion common shares on the first board of the Philippine Stock Exchange. Of this, 1.74 billion will be primary shares. The company has also arranged for an over-allotment option of up to 300 million shares. Aboitiz Power's listing is on July 16. Aboitiz Equity has earlier said that the power unit will use the offer proceeds to improve its existing power generation and distribution facilities, investments in capacity expansion, including possible acquisitions of power generation facilities and power distribution systems and development of greenfield projects. - GMANews.TV