Repower Energy Development Corp. is looking to raise P1.15 billion in proceeds through an initial public offering (IPO).
The Securities and Exchange Commission (SEC) said it has approved the company’s IPO plans last week subject to submission of remaining documents.
Repower Energy is looking to offer to the public an initial 200 million primary common shares, and another 30 million secondary shares owned by company shareholder Pure energy Holding Corp., at an offer price of up to P5 per share.
“The company expects to net P949.5 million from the offer, which will be used to fund the equity portion of its hydropower projects, the development and/or acquisition of renewable energy projects, and operating and working capital requirements,” the SEC said.
“It will not receive any proceeds from the sale of common shares held by its selling shareholder,” it added.
Repower energy eyes to have its IPO between June 5, 2023 and June 14, 2023, with listing eyed on June 23, 2023.
The company tapped China Bank Capital Corp. as the sole issue manager, lead underwriter, and sole bookrunner for the transaction.
Repower Energy is the hydropower arm of Pure Energy Holdings, led by businessman Dexter Y. Tiu. It develops mini-hydropower projects through a “clustered approach method” where several projects are in a target area providing for shared economies of scale through common infrastructure, reducing the cost of development and improving the bottom line.
The company oversees the operation of a total of six hydropower plants with a combined capacity of 10.146 megawatts. It has 124 megawatss (MW) of mini-hydropower projects clustered in Laguna, Quezon, Camarines Sur, Bukidnon, and other provinces under development.
