aboitiz-spinoff-attracts-strong-offshore-demand

Aboitiz spin-off attracts strong offshore demand

The power generator and distributor will raise at least $218 million from its IPO after good interest from international investors.

Aboitiz Power Corporation will raise at least Ps10.09 billion $218 million from its initial public offering after fixing the price just above the mid-point of the indicated range. This came after the international tranche, which accounted for 70%, was multiple times subscribed when it closed last Friday. According to sources, the deal was fully covered after only three days of bookbuilding.

Sole global coordinator and bookrunner UBS has also allocated a 15% greenshoe to international investors, which means the company looks set to raise as much as $251 million from the total offering assuming good buying support in the secondary market as well. Including the greenshoe, the deal will...

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