By Mars Woo
The IPO prospectus has not specified the size and pricing of the offering yet but an earlier report said the company is seeking to raise up to $500 million.
Yancoal also proposed a 35-for-1 share consolidation for shareholders’ approval, which its majority shareholder Yanzhou Coal Mining Company Ltd said it intends to support.
The company was founded by ex-Google engineer Colin Huang and counts Tencent Holdings Ltd. and Sequoia Capital China as backers.
Wall Street has held a dim view of solar manufacturers in recent years. Other public companies including Canadian Solar Inc. and JA Solar Holdings Co. have looked to go private as panel prices have fallen and shares have followed suit.
The exchange operator has been concerned about shell companies, public firms that do little real business but remain listed in order to be purchased by firms that wish to go public but are unable or unwilling to go through the usual channels.
Inarno Djayadi, who was confirmed as CEO at an IDX shareholders’ meeting on Friday, told a press conference he wanted the exchange to reach 40 new company listings by 2020.
It will use the IPO proceeds for expansion and building of new factories in the Philippines.
D.M. Wenceslao priced the IPO, the first in 10 months in Manila, at the bottom of the indicative range.
The startup plans to launch IPO at a valuation of $2-2.8 billion.
PVOIL, which accounts 20-22 per cent market share, is the second largest petroleum distributor after Petrolimex.