The power division of San Miguel Corp. has reduced the size of its planned initial public offering (IPO), Reuters reports. The company is now seeking to raise approximately $629 million through the offering, filed on Wednesday. The company previously sought to sell shares worth $815.067 million. Standard Chartered Bank is the sole financial adviser on the deal, and will also serve as book runner and lead manager along with Goldman Sachs Group, UBS and CIMB Securities (Singapore).

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