Alternergy Holdings Corp., a renewable energy company headed by former Energy Secretary Vince Perez, plans to raise P2.18 billion from an initial public offering in November this year.
Alternergy said in a filing with the Securities and Exchange CommissionWednesday it plans to sell a maximum of 1.473 billion primary shares, including 192.22 million common shares, at P1.48 each.
Post-IPO, Alternergy will have a public float of 33 percent. The offering period will begin from Nov. 11 to 17, while listing on the main board of the Philippine Stock Exchange is set on Nov. 25, based on the initial timetable submitted to the SEC.
The company plans to use the proceeds from the maiden offering to fund the development and construction of the Solana solar and Lamut hydro projects; payment for acquisition of Kirahon Solar Energy Corp. shares; and fund the pre-development expenses of pipeline projects.
These include the Ibulao hydro, and the Tanay Alabat and Calavite offshore wind projects.
Investment & Capital Corporation of the Philippines is the underwriter of the transaction.
Alternergy is a renewable energy holding company with a solid portfolio of project companies engaged in different renewable energy projects, particularly wind, run of river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.
It has developed 67.24 megawatt of operating assets in wind and solar and an additional 62 MW of hydro and solar projects under construction since 2008.
Alternergy aims to develop 1,245 MW of additional wind, offshore wind, solar and run of river hydro projects in the past five years.
Alternergy posted a net income of P112.76 million in 2021, a turnaround from the P31.46-million net loss in 2020. It will be the third renewable energy firm to list on the stock exchange since last year.
The first two were Solar Philippines Nueva Ecija Corp. of businessman Leandro Leviste and Raslag Corp. of the Nepomuceno family.
Three more companies have pending IPO applications with the SEC, including ORCA Cold Chain Solutions of businessman Michael Cosiquien, Prime Infrastructure Capital Inc. of port tycoon Enrique Razon Jr. and gadgets retailer Upson International Inc.
