SYNERGY GRID RE IPO | MARVIN GERMO

SYNERGY GRID | Electricity superhighway holding firm Synergy Grid & Development Phils. has filed an application to sell as much as P28.85 billion worth of shares through a follow-on or re-initial public offering (re-IPO), bringing its public float back to a level sufficient to resume active trading at the local stock market.

Based on a prospectus dated Aug. 12 filed at the Securities and Exchange Commission, Synergy plans to sell up to 1.053 billion new common shares with an option to upsize by 101 million secondary shares at a price of at least P15 to as much as P25 per share.

Synergy intends to use proceeds from the primary offering to inject fresh capital into 60-percent subsidiary National Grid Corporation of the Philippines (NGCP), the sole and exclusive operator of the Philippines’ nationwide transmission network linking power generators and distribution utilities to deliver electricity to end-users across Luzon, Visayas and Mindanao.

The overallotment option will consist of 101 million secondary shares held by Synergy’s principal shareholders – business magnates Henry Sy, Jr. and Robert Coyiuto Jr.

After this equity deal, 20 percent of Synergy’s shares will be held by the public, which can increase to 21.92 percent assuming the full exercise of the over-allotment option.

At present, 49.93 percent of Synergy is owned by Sy while 49.81 percent is owned by Coyiuto, while only 0.26 percent is held by the public, way below the minimum public float of 10 percent.

Electricity superhighway holding firm Synergy Grid & Development Phils. has filed an application to sell as much as P28.85 billion worth of shares through a follow-on or re-initial public offering (re-IPO), bringing its public float back to a level sufficient to resume active trading at the local stock market.

Based on a prospectus dated Aug. 12 filed at the Securities and Exchange Commission, Synergy plans to sell up to 1.053 billion new common shares with an option to upsize by 101 million secondary shares at a price of at least P15 to as much as P25 per share.

SYNERGY GRID

SYNERGY GRID

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