San Miguel Corp.’s power arm conglomerate, SMC Global Power Holdings Corp, is looking to list on the stock exchange by the third quarter of 2017.
This is despite the volatility in the in the stock market and tight competition in the power business segment, SMC president and COO Ramon Ang said.
“Whatever price or whatever outlook, SMC Global Power will go for IPO,” he said.
Ang said that the power business has not maintained a bullish outlook unlike before amid the drop in power prices.
“But because we promised, we will conduct an IPO,” the SMC official said.
In 2011, the Securities and Exchange Commission (SEC) approved the company’s conduct of IPO, however, SMC Global decided to defer it due to bleak market conditions.
The said IPO was expected to raise between P12.76 billion and P27.335 billion from the maiden offer of 290 million to 385 million shares at a price range of P44 to P71 each.
SMC Global Power is currently working on a 4×150 MW coal plant in Malita, Davao, and a 2×150 MW plant in Limay, Bataan.