MANILA: Philippine tycoon Enrique Razon has delayed to the middle of next year plans to launch an up to 28 billion pesos (US$474 million) listing for his infrastructure and energy holding firm because of a market downturn, its underwriter said on Monday (Oct 10).
The initial public offering (IPO) of Prime Infrastructure Capital, originally set for October, could have been the Philippines' largest this year.
"We will wait for the markets to recover," Eduardo Francisco, president of deal underwriter BDO Capital, told reporters at the sidelines of a media forum.
The earliest an IPO for Prime Infrastructure could occur would be May or June next year, enough time to wait for the global economy to rebound, inflation to ease and markets to recover, Francisco said.
Eight companies, mostly small firms, have been listed in the Philippine bourse, whose broader index has fallen 18 per cent and is Southeast Asia's second-worst performer year-to-date.
In June, Prime Infrastructure filed its listing documents with the corporate regulator. It planned to sell up to 1.93 billion shares, including an over-allotment option, at a maximum price of 14.60 pesos each. In Philippine filings, IPO prices are typically set above final selling prices.
Prime Infrastructure planned to use IPO proceeds to finance its energy, water, and waste and sustainable fuels businesses.
Razon, who Forbes says is the second-richest person in the Philippines with a net worth of US$5.6 billion, built his fortune through global port operator International Container Terminal Services and casino owner Bloomberry Resorts.