Philippines National Grid taps banks for $1.5b IPO

FILE PHOTO: A trader walks past the electronic board of the Philippine Stock Exchange in Makati city, Metro Manila, Philippines June 27, 2016. REUTERS/Romeo Ranoco

National Grid Corp. of the Philippines has picked banks to work on its initial public offering and has increased its targeted size to at least $1.5 billion, according to people with knowledge of the matter, paving the way for the biggest listing in the nation’s history.

The high-voltage electricity network operator, commonly known as NGCP, has selected Bank of America Corp., JPMorgan Chase & Co. and UBS Group AG to work on the first-time share sale, said the people, asking not to be named as the process is private. It may also add other banks to help with the listing, they said.

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