Premiere Island Power REIT Corp (PREIT)., led by business tycoon Manuel Villar Jr., made its stock market debut on Thursday through an initial public offering (IPO) price which closed at Php 1.60 per share.
In a report by the Philippine Daily Inquirer, the stock opened at Php 1.47 per share, which rose by 6.67% to Php 1.60 per share at the end of the session.
Prior to that, though, the initial IPO price dropped to about 8.7% to Php 1.37 per share.
Since the shares are secondary stocks, proceeds will go to the selling shareholders S.I Power Corp.(SIPCOR) and Camotes Island Power Generation Corp. (CAMPOR), which have a combined installed capacity of 21.2 megawatts (MW).
PREIT gets most of its earnings by leasing land to the power plants owned by the Villar Group.
In its IPO prospectus, PREIT said that it was angling to become a renewable energy REIT, insinuating that some of the land purchases could be used for renewable energy projects in the future.