The Security and Exchange Commission (SEC) has approved the initial public offering (IPO) of Alternergy Holdings Corp. for up to Php 1.89 billion.
In a report by the Philippine Star, Alternergy said that it will be offering up to 1.3b billion common shares priced at up to Php 1.48 billion. The offer also includes 192,220,000 common shares to b sold by existing shareholders.
Net proceeds from the IPO are seen to reach up to Php 1.62 billion. This will be used for the development and construction of Alternergy’s projects under development, payment of debt following the acquisition of the Kirahon Solar Energy Corp., pre-development expenses for upcoming projects, and general corporate requirements.
Alternergy has tapped BDO Capital & Investment Corp. and Investment & Capital Corp. of the Philippines as the IPO’s joint issue manager and joint lead underwriters.
Alternergy is a renewable energy holding company led by former Energy secretary Vince Perez. The company has 67.24 megawatts (MW) of operating assets in wind and solar power, and a potential installed capacity of up to 1,368 MW.