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Manila Bulletin devider Business devider The Stock Market devider Alternergy sets IPO price, reduces offer shares

Alternergy sets IPO price, reduces offer shares

Published Mar 9, 2023 07:18 am



Alternergy Holdings Corporation has set the final price for its initial public offering at P1.28 per share, down from its maximum offer price of P1.48, for a total offering size of up to P1.62 billion. In a disclosure to the Philippine Stock Exchange, the firm said it is offering up to 1.15 billion new common shares with an over-allotment option of up to 115 million primary common shares. The shares to be offered are less than its earlier plan of up to 1.28 billion primary common shares with 192.22 million common shares to be sold by existing shareholders. After the planned IPO, the firm’s shares will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE). Net proceeds from the offer 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 has 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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