The Philippine Stock Exchange said Tuesday it approved the P1.87-billion initial public offering of Alternergy Holdings Corp., a renewable energy company founded by former energy secretary Vince Perez.
The PSE said in a memorandum Alternergy planned to sell 1.15 billion primary shares, with an over-allotment option for another 115 million shares, at an offer price of P1.48 apiece.
Alternergy reduced the IPO size from an initial target of P2.2 billion. The company has yet to finalize the timetable for the offering.
The shares will be listed and traded on the main board of the PSE under the stock symbol “ALTER”.
The company plans to use the proceeds from the maiden offering to fund the development and construction of the Solana solar and Lamut hydro projects; payment for acquisition of Kirahon Solar Energy Corp. shares; and fund the pre-development expenses of pipeline projects.
These include the Ibulao hydro and the Tanay Alabat and Calavite offshore wind projects.
Alternergy is a renewable energy holding company with a solid portfolio of project companies engaged in different renewable energy projects including wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.
It has developed 67.24 megawatt of operating assets in wind and solar and an additional 62 MW of hydro and solar projects under construction since 2008.
Alternergy aims to develop 1,245 MW of additional renewable energy projects in the next five years.
The company engaged BDO Capital & Investment Corp. and Investment & Capital Corp. of the Philippines as the joint issue managers and joint lead underwriters for the offering.
Alternegy will be the second company to conduct an IPO this year.
The PSE earlier approved the maiden share offering of gadget retailer Upson International Corp. Jenniffer B. Austria