Ultra bilyonaryo Manny Villar’s Premiere Island Power REIT (PREIT) closed out strong on its listing debut despite a rocky start.
PREIT shares opened at P1.47, lower than its initial public offering price of P1.50 each.
Its share price, however, rallied to end 6.67 percent higher at P1.60 per share.
PREIT’s offering was reduced by 25 percent after slashing IPO price to P1.50 per share from the original maximum price of P2 a share and P3.2 billion total proceeds.
PREIT is envisioned to be the power and infrastructure REIT platform of Prime Asset Ventures Inc.
PREIT’s initial portfolio includes land and power plant assets that are used by its sponsors, S.I. Power Corp. and Camotes Island Power Generation Corp. in their operations.
The company is eyeing to expand its assets to include solar farms that are located in various provinces in Luzon.
“With the stock market debut of PREIT, we hope that more energy-themed REITs, especially those based in the provinces will also consider listing their shares in the stock market,” PSE president and CEO Ramon Monzon said.