MANILA -- Philippine ports and casino tycoon Enrique Razon is seeking to raise up to 25.63 billion pesos ($472.7 million) from his infrastructure venture's initial public offering.

The bulk of the fresh funds will bankroll Prime Infrastructure Capital's energy projects, according to a prospectus filed on Tuesday with the country's Securities and Exchange Commission.

The company plans to build the world's largest solar power facility with a combined capacity of 2,500 to 3,500 megawatts and take over the Malampaya natural gas project, which supplies a fifth of the Philippines' power requirements.

Prime Infrastructure plans to sell up to 1.76 billion shares at up to 14.6 pesos apiece, excluding 175.58 million option shares that its parent may take up to stabilize Prime Infrastructure's post-listing share price, according to the prospectus.

The share sale and listing on the Philippine Stock Exchange is tentatively set for October.

Prime Infrastructure has mandated CLSA as sole global coordinator and bookrunner while BPI Capital and BDO Capital were tapped as local underwriters.

Prime Infrastructure's listing could be the largest this year on the PSE after seven IPOs to date.

But its filing comes amid challenges for the market.

Manila's benchmark index has fallen by nearly 12% this year. Amid a weak market, North Star Meat Merchants early this month deferred its up to 4.5 billion pesos IPO, while VistaREIT, a real estate investment trust that listed last week, nearly halved the size of its IPO.