The Securities and Exchange Commission on Thursday approved the P1.58-billion initial public offering of Pure Energy Holdings Corp., an investment holding firm with interests in renewable power and bulk water supply and distribution projects.
SEC commissioner Ephyro Luis Amatong in a text message confirmed the IPO approval.
Documents filed with SEC showed that Pure Energy would sell 930 million common shares with an option to sell another 46.5 million shares in case of strong demand at P1.62 per share.
The offer shares represent 15.6 percent of the company’s authorized capital stock.
The company tapped Abacus Capital Securities as the sole underwriter for the offering.
Proceeds from the maiden share offering will be used to finance project financing of various hydropower projects and acquire existing hydropower projects.
Pure Energy is the third company to secure IPO approval from the SEC. The first two were Wilcon Depot Inc. and Bermaz Auto Philippines Inc.
Other IPO applications pending with the SEC are those of Xeleb Technologies Inc., AudioWav Media Inc., Cebu Land Masters Inc. and Eagle Cement Corp.