Philippine geothermal unit set to price IPO at top

Strong demand from international investors allows the government to trim its stake below 65% in the country's first privatisation in 12 years.

PNOC Energy Development PNOC-EDC is poised to price its initial public offering at the top end of the range at Ps3.20 per share after receiving strong demand for the 70% of the deal that was targeted at international investors, sources said over the weekend.

The CLSA-led offering, which is the first privatisation in the Philippines in 12 years, attracted more than 150 foreign investors and was “very well subscribed”, they said. This allowed the wholly-owned government subsidiary to sell the maximum number of shares it targeted for a total deal size of Ps16.6 billion $333 million. Already the second largest IPO in the Philippines after conglomerate...

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