Repower Energy Development Corp. closed up P0.04 to P5.04 on it listing day yesterday.
Repower sold to the public 230 million common shares, divided into an initial 200 million primary shares and another 30 million secondary shares covering the greenshoe option at an offer price of P5.
The primary shares grosses for the company P1 billion.
The company plans to use part of the proceeds to fund the equity portion of its hydropower projects, the development and/or acquisition of renewable energy projects, and operating and working capital requirements.
In particular, the company will use the proceeds to fund the equity portion of the 15-megawatts (MW) Pulanai MHP project located in Bukidnon; the fund the equity portion of the 4.5MW Piapi MHP project in Quezon Province.
The offer ran between June 30 and July 14. China Bank Capital Corp. served as the sole issue manager, lead underwriter, and sole bookrunner for the transaction.
The initial public offering attracted Japan’s TOKAI Holdings Corp., which acquired 32.5 percent of shares for sale.
Tokai, which has exposures in the businesses of gas, solar power, and real estate, will have a seat in the company’s board of directors on an observer status.
