Renewable energy producer Repower Development Corp. on Monday listed its shares on the Philippine Stock Exchange after raising P1.15 billion from an initial public offering.
The stock opened at P5.01 and hit a high of P5.20 before closing at P5.04, up P0.04 from its IPO price of P5.
The company raised P1.15 billion in gross proceeds from the sale of 200 million shares, with an over-allotment option that allowed it to offer another 30 million common shares.
REDC president Eric Peter Roxas said during the listing ceremony the proceeds would enable it to build more renewable plants and enhance shareholder value.
PSE president and chief executive Ramon Monzon commended REDC for braving the market even as several companies had deferred similar plans because of the current the market conditions.
REDC said it would use the proceeds to fund the equity portion of its hydropower projects, the development and acquisition of renewable energy projects and operating and working capital requirements.
The company, a subsidiary of Pure Energy Holdings Corp., earlier said it planned to spend P15 billion to develop 50 megawatts of capacity and other possible RE projects in the next three to five years.
Its projects under development include the 15-megawatt Pulanai mini-hydro power plant in Bukidnon and the 4.5-MW Piapi mini-hydro power plant in Quezon which are expected to come online by 2025.
The company’s portfolio of operating and income-generating mini-hydro power plants include the 1.5-MW Palakpakin, 1.1-MW Balugbog, 300-kilowatt Calibato, 2.19-MW Majayjay, 1.6-MW Inarihan, 3.456-MW Upper Labayat, 5-MW Tibag and 1.4-MW Lower Labayat facilities.
PSE president and chief executive Ramon Monzon commended REDC for braving the market even as several big had deferred their planned IPOs because of the market conditions.
REDC is the third company to list in the local bourse this year after gadgets retailer Upson International Corp. and renewable energy firm Alternergy Holdings Corp.