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Manila Bulletin devider Business devider The Stock Market devider SEC approves La Union Electric's ₱251-million direct public offering

SEC approves La Union Electric's ₱251-million direct public offering

Published Jan 8, 2026 03:20 pm
The Securities and Exchange Commission (SEC) has authorized La Union Electric Co. Inc. to proceed with a ₱251 million direct public offering, the second utility to utilize the regulator’s expedited registration process to fund infrastructure upgrades.
The San Fernando-based power distributor received approval to offer as many as 352,950 common shares at ₱772 each.
Unlike a traditional initial public offering, the shares will not be listed on the Philippine Stock Exchange. The direct public offering, or DPO, allows the company to sell equity directly to investors, bypassing the exchange’s listing fees and traditional brokerage commissions.
LUECO is pursuing the capital raise to satisfy requirements under the Electric Power Industry Reform Act. Section 43(t) of the law mandates that power generation and distribution entities offer at least 15 percent of their common shares to the public to broaden ownership in the country’s energy sector.
The registration was processed under the SEC’s streamlined guidelines known as SEC POWERS, or Securing and Expanding Capital for PowerGen Operators and Wholesale Electricity and Retail Services.
The initiative aims to simplify the entry of energy firms into the capital markets to support the government’s push for grid modernization. By opting for a DPO over an IPO, LUECO can navigate a shorter regulatory timeline and reduce the overall cost of capital by eliminating the need for trading participants.
Net proceeds, estimated at ₱251.4 million, are earmarked for capital expenditures and the expansion of the company’s business operations.
The utility plans to use the fresh capital to upgrade existing facilities and equipment within its franchise area, which includes the City of San Fernando and the municipalities of Bauang and San Juan in La Union province.
As of the end of 2024, LUECO’s distribution network relied on two primary assets: the 20-megavolt ampere Bauang Substation and the 67.5-megavolt ampere Poro Substation. The planned upgrades are intended to bolster these systems to meet growing demand in the northern Luzon corridor.
The offering period is scheduled to run from Jan. 12 to Jan. 16, according to the company’s latest filings. LUECO expects to issue the shares by Feb. 6. Penta Capital & Investment Corp. is serving as the sole underwriter for the transaction.

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