MANILA : Philippines' Synergy Grid & Development Phils. Inc, majority owner of the country's electricity grid operator, has applied for an initial public offering (IPO), the corporate regulator said in a statement on Tuesday.
Synergy Grid is planning to sell as many as 1.154 billion shares, including the over-allotment option, at 15 to 25 pesos (US$0.30 to US$0.49) each, allowing the IPO to raise up to 28.85 billion pesos (US$571.40 million). In Philippine filings, IPO prices are typically set well above the final selling price.
(US$1 = 50.49 Philippine pesos)
(Reporting by Neil Jerome Morales; Editing by Ed Davies)