The Philippine Stock Exchange (PSE) has approved the Php 1.87 billion initial public offering (IPO) of Alternergy Holdings Corp.
In a memorandum released on Tuesday, PSE said that it has approved Altenergy’s IPO of 1.15 billion primary shares at a price of Php 1.48 a piece. The listing date has yet to be announced.
The shares will be listed and traded on the PSE board under stock symbol “ALTER”
If demand from investors is strong, Alternergy has the option to sell 115 million shares.
Alternergy looks to use the proceeds from the IPO to fund the development and construction of the Solana solar and Lamut hydropower projects, as well as for the payment for the share acquisition of Kirahon Solar Energy Corp.; and to fund the pre-development expenses of the company’s pipeline projects.
Among the pipeline project include the Ibulao hydro and the Tanay Alabat and Calavite offshore wind projects.
The Security Exchange Commission earlier approved Alternergy’s IPO.
Alternergy is a renewable energy company founded by former Department of Energy secretary Vince Perez. The company looks to build 1.4 gigawatts (GW) of renewable energy to its portfolio in five years.
The RE company currently has 67.24 megawatts (MW) of wind and solar operating assets, and 62 MW of hydro and solar projects under construction.