Philippines’ electric grid operator files for IPO to raise up to $571.4m

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 ($0.30 to $0.49) each, allowing the IPO to raise up to 28.85 billion pesos ($571.40 million). In Philippine filings, IPO prices are typically set well above the final selling price.

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