In a preliminary prospectus filed with the Securities and Exchange Commission, Synergy Grid said it would offer up to 1.154 billion common shares (including the over allotment option of as much as 101 million common shares) at P15 to P25 each.
The final offer price will be set on Oct. 26 while the offer period is targeted to run from Oct. 29 to Nov. 5.
The shares will be listed on the stock exchange on Nov. 12.
Net proceeds from the offer will be used to subscribe to non-voting preferred shares to be issued by 60 percent owned National Grid Corp. of the Philippines (NGCP).
Other proceeds will be used to fund NGCP’s capital expenditure requirements and related cost and expenses.
NGCP is looking to spend ₱160 billion from 2021 to 2025 to expand its network consisting of 20,000 transmission towers in 67 provinces.
It has a stable customer base of 400 customers across distribution utilities, electric cooperatives, directly-connected industries and other entities.
Synergy Grid has mandated BofA Securities, J.P. Morgan Securities plc and UBS AG Singapore Branch as the joint global coordinators and joint bookrunners for the offer.
BDO Capital & Investment Corp., on the other hand, is the sole domestic coordinator and, together with BPI Capital Corp. and PNB Capital and Investment Corp. will serve as joint domestic lead underwritersand joint bookrunners for the transaction.