First Gen completes IPO

Philippines'' power producer raises less than expected.

The Philippines' largest independent power producer, First Gen Corp has raised a below-target $162 million from its IPO after volatile global stock markets conspired to boost the uncertainty surrounding Filipino assets and forced bookrunners CLSA and UBS to lower the offer price and sell only the minimum amount of shares.

At that size and price, the book was about 1.6 times subscribed by international investors, but as the demand was not sufficient to cover both the 15% greenshoe and an additional sale of secondary shares by three existing shareholders, a decision was also made to scrap the secondary portion of the sale.

As a result, the Lopez...

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