Philippines grid operator preparing for potential record-setting, billion-dollar IPO

Manila

THE Philippines' electricity grid operator is preparing for an initial public offering (IPO) to comply with regulatory requirements, a share sale that a source with knowledge of the plan said could raise as much as US$1 billion.

The National Grid Corp of the Philippines (NGCP), 40 per cent owned by China State Grid Corp, was required by a 2008 law covering its franchise terms to sell at least 20 per cent of its shares to the public within 10 years.