The Securities and Exchange Commission approved an increase in the authorized capital stock of SMC Global Power Holdings Corp., the wholly-owned power generating unit of diversified conglomerate San Miguel Corp., ahead of its planned initial public offering.
Documents from the SEC showed that SMC Global Power would double its capital stock to P2 billion. The parent company plans to subscribe to P125 million worth of shares.
SMC Global Power last week filed its registration statement with the SEC seeking to raise as much as P35.5 billion through an initial public offering.
SMC Global Power plans to offer between 300 million and 500 million in primary and secondary shares at between P44 and P71 apiece.
SMC Global Power has tapped Goldman Sachs (Singapore) Ltd., Standard Chartered Securities Pte. Ltd. and UBS AG as joint bookrunners and international lead managers of the IPO.
ATR Kim Eng Capital Partners Inc. and SB Capital Investments Corp., meanwhile, are the domestic lead underwriters.
SMC Global Power plans to use proceeds from the primary offering to partially finance expansion plans, including development of greenfield power projects and acquisition of existing generation facilities.
SMC Global Power is one of the largest power companies in the country based on contracted capacity.
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