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SEC approves Alternergy's P1.89-B IPO

Business

SEC approves Alternergy's P1.89-B IPO

By James A. Loyola

The Securities and Exchange Commission (SEC) has approved the planned P1.89 billion initial public offering (IPO) of Alternergy Holdings Corporation.

The Commission En Banc has resolved to render effective the registration statement of Alternergy Holdings covering 4.32 billion common shares, subject to the company’s compliance with certain remaining requirements.

Alternergy

Alternergy Holdings will offer to the public up to 1.28 billion common shares priced at up to P1.48 per share. The offer will also include 192.22 million common shares to be sold by existing shareholders.

The shares will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE).

Net proceeds from the offer could reach up to P1.62 billion, which the company will use for the development and construction of projects under development, debt payment for the acquisition of Kirahon Solar Energy Corp., pre-development expenses for projects in the pipeline, and general corporate requirements.

The company engaged BDO Capital & Investment Corporation and Investment & Capital Corporation of the Philippines as joint issue managers and joint lead underwriters for the offer.

Alternergy Holdings is a renewable energy holding company with a portfolio of investee companies with wind, solar, hydro, floating solar, and battery storage power projects.

It currently has 67.24 megawatts (MW) of operating assets in wind and solar, with potential installed capacity of up to 1,368 MW of renewable energy.

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Alternergy Holdings Corporation Securities and Exchange Commission (SEC)

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