Philippine tycoon Enrique Razon has delayed to the middle of next year plans to launch an up to 28 billion pesos listing for his infrastructure and energy holding firm because of a market downturn, its underwriter said on Monday.
The initial public offering of Prime Infrastructure Capital Inc, originally set for October, could have been the“We will wait for the markets to recover,” Eduardo Francisco, president of deal underwriter BDO Capital, told reporters at the sidelines of a media forum. The earliest an IPO for Prime Infrastructure could occur would be May or June next year, enough time to wait for global economy to rebound, inflation to ease and markets to recover, Francisco said.has fallen 18% and is Southeast Asia’s second worst performer year-to-date.documents with the corporate regulator. It planned to sell up to 1.93 billion shares, including an over-allotment option, at a maximum price of 14.60 pesos each.
Prime Infrastructure planned to use IPO proceeds to finance its energy, water, and waste and sustainable fuels businesses.with a net worth of $5.6 billion, built his fortune through global port operator International Container Terminal Services and casino owner Bloomberry Resorts.