Renewable energy company Alternergy Holdings Corp. is pushing through with its planned P2.18-billion initial public offering despite the market volatility, a top executive said over the weekend.
Alternergy founder Vicente Perez Jr. said the company added BDO Capital & Investments Corp. as an underwriter for the offering and would join Investment & Capital Corporation of the Philippines for the transaction.
Alternergy is pursuing its maiden share offering even as several companies decided to defer their IPOs because of the recent slump in the equities market. North Star Meat Merchants Inc., Upson International Corp. and Prime Infrastructure Capital Inc. announced the deferment of their IPOs.
The stock market has dropped 17 percent since the start of the year on rising inflation rate and an aggressive monetary policy tightening across the globe.
Alternergy is a renewable energy holding company with a solid portfolio of different projects such as wind, run-of-river hydro, solar farm, commercial rooftop and battery storage.