Philippine ports and gaming tycoon Enrique Razon, Jr. on Tuesday launched an up to P28-billion ($515 million) initial public offering (IPO) for his infrastructure and energy holding firm, according to a corporate filing. READ:
The IPO of Prime Infrastructure Capital, Inc. could be the country’s largest this year, despite volatility caused by elevated inflation and an aggressive monetary policy tightening in the region.
If approved, the company will target October for the offer period and listing on the Philippine bourse, which has seen the listing of seven firms this year. The main index has lost 11% so far this year, tracking regional peers.says is the second-richest person in the Philippines with a net worth of $6.7 billion, built his fortune through casino-resort group Bloomberry and global port operator International Container Terminal Services, Inc.
Fresh capital will be used for the Prime Infrastructure’s energy, water, and waste and sustainable fuels businesses.