SEC approves Alternergy’s P1.89 billion IPO

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the planned initial public offering (IPO) of renewable energy company Alternergy Holdings Corp. for up to P1.89 billion.

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.

Led by former energy secretary Vince Perez, Alternergy  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.

Alternergy said it would offer to the public up to 1.3 billion common shares priced at up to P1.48 per share. The offer will also include 192,220,000 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, according to the company’s registration statement.

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

Meanwhile, LFM Properties Corp. successfully listed by way of introduction at the Philippine Stock Exchange yesterday.

Shares of LPC were given as property dividend by its parent company, Liberty Flour Mills Inc. (LFM) to its stockholders.