First Gen launches IPO

Roadshows begin for rare Philippines IPO.

First Generation Holdings will start bookbuilding today Tuesday January 17 for the first Filipino initial public offering in 10 months. The deal has sparked hopes of a real return of primary market issuance from the country after a false start that brought just two deals in 2005.

First Gen, which is the largest Filipino-owned independent power producer and controlled by the Lopez family, plans to raise about US$200 million through the sale of mainly new shares to international and domestic investors.

The international offer is led by CLSA and UBS, while the domestic portion of the offer is arranged by ATR-Kim Eng Capital Partners...

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