Synergy Grid cleared to issue up to P28.8B shares to the public

Synergy Grid cleared to issue up to P28.8B shares to the public

Synergy Grid & Development Philippines secured the Securities and Exchange Commission’s nod to proceed with its planned P28.8 billion follow-on offering.

Synergy will offer to the public up to 1.05 billion common shares priced at P15 to P25 each, with an overallotment option of up to 101 million common shares that will be offered by selling shareholders Henry Sy Jr. and Robert Coyiuto, Jr.

The shares will be listed and traded on the main board of the Philippine Stock Exchange.

Net proceeds from the offer will be used for subscription to the non-voting preferred shares to be issued by parent firm National Grid Corporation of the Philippines.

NGCP will use the money to finance its capital expenditure requirements and related costs and expenses.

The offering will run from October 26 to November 2, wihile the listing of the shares is set on November 10,

BofA Securities, J.P. Morgan Securities plc, and UBS AG Singapore Branch are the joint global coordinators and joint bookrunners for the transaction. BDO Capital will serve as sole domestic coordinator, and will act as joint domestic lead underwriter and joint bookrunner alongside BPI Capital and PNB Capital and Investment Corp.

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