Philippines' Synergy Grid sets guidance for up to US$386m share sale

[MANILA] Philippines' Synergy Grid & Development, majority owner of the country's only electricity grid operator, has narrowed the price range for its share sale, allowing the deal to raise as much as US$386 million.

In a disclosure, Synergy Grid set a price guidance of 12 to 17 pesos per share, versus the 15 to 25 pesos when it sought regulatory approval for the offering in August.

"This is a result of early preliminary feedback received from potential investors who shared their views about their perspective on potential valuation ranges," a source with knowledge of the deal told Reuters on Monday.

Synergy Grid will sell up to 1.15 billion shares, including an overallotment option. Final price would be set on Oct 22, followed by its listing Nov 10.

Synergy Grid owns 60 per cent of the National Grid Corp of the Philippines, with the remaining shares held by the State Grid Corp of China.

REUTERS