Repower Energy Development Corp., a subsidiary of Pure Energy Holdings Corp., said Tuesday it commenced its initial public offering after finalizing the IPO terms.
The company is offering 200 million common shares at P5 apiece to the public, with an over-allotment option that allows for the sale of another 30 million common shares.
The offering period started June 30 at 9 a.m. and will end on July 14 at 12 noon. The listing date was tentatively set on July 24.
China Bank Capital is the sole underwriter for the offering.
REDC said TOKAI Holdings Corp.— a Japan-based conglomerate with interests in sectors such as gas, solar power and real estate —- may serve as an anchor investor in REDC’s IPO.
TOKAI agreed to purchase up to 32.5 percent of the shares available for sale in the IPO, a transaction that could result in the ownership of almost 10 percent of REDC’s post-IPO outstanding shares.
“A public listing is a key milestone for REDC, with majority of the use of proceeds allocated for the completion of two of its ongoing projects. This will lead towards fulfilling our goal of uplifting Filipinos’ living standards through clean, accessible, and affordable energy consistent with the United Nations’ Sustainable Development Goals,” said REDC president and chief executive Eric Peter Roxas.
“We look forward to marking a new chapter in our history — a chapter full of growth and potential,” he said.