MANILA, Philippines — It is all systems go for Alternergy Holdings Corp.’s stock market debut after clearing all listing hurdles.
In a notice published on Tuesday, the Philippine Stock Exchange said it approved the application of Alternergy for an initial public offering of up to 1.15 billion shares at a price of P1.48 apiece.
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If investor demand proves strong, Alternergy has an option to sell 115 million more shares. Including the overallotment option, the company could raise up to P1.62 billion in net proceeds.
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.
The company plans to use the money to be raised from the IPO 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 yet to announce its listing date.