AC Energy (ACEN) will be issuing 1.58 billion primary shares for its follow-on offering (FOO), which it plans to hold by mid-year.
In a disclosure to the Philippine Stock Exchange, the company said its board approved on Thursday the allocation of the shares priced between Php6.00 and Php8.20 apiece. This would make the firm raise between Php9.48 billion and Php13 billion, specifically from the offer of the primary shares.
The secondary shares, meanwhile, will be “included as part of the total offering size to be determined at a later date,” the disclosure read.
Last month, AC Energy registered the FOO with the Securities and Exchange Commission, wherein the Ayala-led power firm said that it plans to offer up 2.43 billion shares. Prior to this, ACEN raised Php5.37 billion from its stock rights offer (SRO) last January. Both the FOO and SRO are part of the company’s plan to raise a total of Php30 billion this 2021.
AC Energy reported an increase of over 2800% in net income in 2020 despite the COVID-19 pandemic.