Philippines’ Synergy Grid sets guidance for up to $386 mln share sale

MANILA, Oct 18 (Reuters) – Philippines’ Synergy Grid & Development SGP.PS, 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 $386 million.

In a disclosure, Synergy Grid set a price guidance of 12 to 17 pesos ($0.24 to $0.33) 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% of the National Grid Corp of the Philippines, with the remaining shares held by the State Grid Corp of China.

($1 = 50.84 Philippine pesos

(Reporting by Neil Jerome Morales; Editing by Martin Petty)

((neiljerome.morales@thomsonreuters.com; +632 8841 8914;))