Mutual decision: JP Morgan leaves Big Boy Sy, Coyiuto’s P25.7B Synergy Grid FOO

Global financial services giant J.P. Morgan Securities has withdrawn from the P25.7 billion follow-on offering of Synergy & Grid Development Philippines (SGP) owned by bilyonaryos Big Boy Sy and Robert Coyiuto.

SGP agreed to JP Morgan’s withdrawal as joint global coordinators and bookrunners of the follow-on offering on October 11.

“This was a commercial decision mutually agreed upon by both parties,” SGP said.

The remaining members of the SGP’s global syndicate are BofA Securities and UBS AG Singapore branch.

BDO Capital is the sole domestic coordinator with BPI Capital and PNB Capital and Investment as joint underwriters.

SGP is offering up to 1.05 billion common shares at P15 to P25 apiece with an overallotment option of up to 101 million shares. The offer period is set from October 26 to November 2 with listing scheduled on November 10.

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