The Securities and Exchange Commission has cleared the registration of Tubig Pilipinas Holdings Inc.’s follow-on offering of up to 15.7 billion primary common shares, which could raise as much as P1.59 billion for water supply and wastewater projects, with the offer price set at a substantial premium to the company’s net tangible book value.
The shares will be offered at P0.1000 to P0.1010 each and listed on the Philippine Stock Exchange Main Board. Tubig Pilipinas also has an overallotment option for up to 2.355 billion additional primary shares, potentially increasing gross proceeds to P1.82 billion if fully exercised.
Net proceeds from the firm offer are estimated at P1.493 billion to P1.508 billion after fees and expenses. Full exercise of the overallotment option could bring net proceeds to as much as P1.737 billion.
The company’s net tangible book value stood at P0.0415 per share. At the maximum offer price of P0.1010, investors would pay a premium of P0.0595 per share.
Tubig Pilipinas, formerly Coal Asia Holdings, plans to use the proceeds primarily to partially fund its equity requirements for the Cebu Bulk Water project and the AFAB project. The money will also support the development and acquisition of companies with existing operating water projects, upgrades to water supply and distribution facilities, and wastewater treatment plants in Mandaue City, Cebu, Coron, Palawan, and San Jose City, Nueva Ecija.
A portion will go toward operating and working capital requirements.
Tubig Pilipinas had 106.46 billion issued and outstanding common shares as of the prospectus date.
The offer is scheduled for Jan. 4 to 8, 2027, following book-building from Dec. 9 to 16 and final pricing on Dec. 16. The shares are expected to begin trading on the PSE on Jan. 18, subject to regulatory and listing requirements.
