Prime Infrastructure Holdings Inc., billionaire Enrique Razon’s sustainable infrastructure firm, is considering an initial public offering in Manila that could raise as much as $400 million, according to people with knowledge of the matter.

The company is working with financial advisers on the potential first-time share sale, the people said. A listing in the Philippines could take place as soon as this year, said the people, who asked not to be identified as the process is private.

Deliberations are ongoing and details of the offering such as the size and timing could still change, the people said. Prime Infra officials didn’t immediately respond to requests for comment.

A listing by Prime Infrastructure will give a boost to the IPO market in the Southeast Asian nation. The country hosted six new listings so far this year raising $352 million in total, down from $1.3 billion in the same period in 2021, according to data compiled by Bloomberg.

Prime Infrastructure was set up to focus on building assets that support sustainability priorities such as clean and renewable energy as well as access to clean water and waste management, according to its website. The company plans to build a facility including a solar panel installation with a capacity of as many as 3,500 megawatts, and a battery energy storage system that can hold up to 4,500 megawatt-hours, according to a statement.

Razon is the second-richest person in the Philippines, with a net worth of $5.1 billion, according to the Bloomberg Billionaires Index. He built his wealth mainly through his shipping company International Container Terminal Services Inc. Razon also controls Bloomberry Resorts Corp., which owns the Manila gambling complex Solaire Resort & Casino.