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Philippines' biggest toll road operator plans IPO to raise $500 mln -sources

Yantoultra Ngui and Anshuman Daga
Updated ·1-min read

By Yantoultra Ngui and Anshuman Daga

SINGAPORE, Sept 13 (Reuters) - Metro Pacific Tollways Corp, the largest toll road developer and operator in the Philippines, could raise $500 million from a planned initial public offering (IPO) on the local bourse, two sources close to the matter told Reuters.

Metro Pacific Tollways' President and Chief Executive Rodrigo Franco declined to comment on the financial details of the IPO but said the aim was to list the company in late 2023 or 2024.

The listing of Metro Pacific Tollways, in which Hong Kong's First Pacific Co Ltd has a 43.9% interest, could value the company at more than $2 billion, the sources said, declining to be named because the IPO details are confidential. (Reporting by Yantoultra Ngui and Anshuman Daga Editing by Sumeet Chatterjee and David Goodman )