First Gen is offering a total of 180.91 million common shares which consists of 144.72 million common shares for the international offer and 36.18 million for the domestic offer.

The company has brought down the price of each of its offer shares to P47 from an original price range of P47 to P62 per share. The price was brought down in response to investor clamor saying that the company’s IPO price should be made more attractive to the investing public.

At the start of the domestic offering yesterday, First Gen Chief Financial Officer Giles Puno said around 15 percent of the total proceeds will be kept by UBS Investment Bank, one of the underwriters, for 30 days after the listing as a standby fund to stabilize the share price if needed.

Giles said that UBS is duty-bound by the underwriting agreement to prevent First Gen’s price from falling below the IPO price of P47. Any funds left after the 30-day period will be forwarded by UBS to First Gen, he added.

First Gen is offering a total 208 million shares, which include 27.1 million set aside for the green shoe option. The shares are equivalent to a 26 percent stake in the company.

Puno said that 80 percent of the shares have already been sold to foreign investors and the proceeds are set to be remitted next week.

Last week, the company concluded its international offering wherein some R6.7 billion was raised from one subscription of 144.72 million common shares from US-based investors.

The international offering started on Jan. 16 and ended on Jan. 26. The investor interests were derived from the United States part of its roadshow (New York and San Francisco). The roadshow also involved other key international cities like London, Hong Kong, Singapore, Frankfurt, and Tokyo.

Roberto Benares, managing director for ATR Kim Eng Capital Partners, Inc. said even before the start of the domestic offering, there was already a strong demand from the market. He added more than 60 percent of the brokers in the Exchange will participate in the domestic offering.