Another renewable energy firm tosses hat into IPO ring
Alternergy Holdings Corp., founded by former Energy Secretary Vicente Perez, eyes to raise as much as P2.2 billion from an initial public offering (IPO) to fund its renewable energy projects.
According to a prospectus filed at the Securities and Exchange Commission, the IPO consists of up to 1.47 billion common shares, covering 1.28 billion shares for the primary offering and an overallotment option of up to 192.2 million secondary common shares.
The company intends to sell each share for P1.48. Offer period is set for Nov. 11 to Nov. 17 while listing is expected on Nov. 25.
The company estimates gross proceeds from the sale of the primary shares at P1.9 billion. These would be earmarked for investments in solar, hydropower and wind energy projects.
The company tapped Investment & Capital Corp. of the Philippines as the sole issue manager and lead underwriter for the transaction.
Large pipeline
Regina Capital Development Corp. head of sales Luis Limlingan told the Inquirer that the planned IPO “indicates the firm’s commitment to growing its capacity.”
“From the looks of it, Alternergy has a large pipeline of clean energy projects, which bodes well for value accretion in the long run,” he added.
Alternergy, formerly Alternergy Viento Partners Corp., is a renewable energy holding firm which has interests in wind, solar, hydro, floating solar and battery storage power projects.
It currently has an authorized capital stock of P1.19 billion divided into 10.41 billion common shares and 1.48 billion preferred shares.
The company has established 67.24 megawatts of operating assets in wind and solar and an additional 62 MW in hydro and other projects. It has 1,245.15-MW gross capacity in its pipeline, which includes hydro, wind and solar projects.
As of end-December last year, total assets stood at P726.09 million.
Other firms with interests in renewable energy that have gone public in recent months are Solar Philippines Nueva Ecija Corp., Raslag Corp. and Citicore Energy REIT Corp.
Tycoon Enrique Razon also filed last month a P28-billion IPO for Prime Infrastructure Capital Inc., which the firm would use to bankroll clean energy projects.
