Alternergy IPO gets PSE nod

Alternergy Holdings Corp., the renewable power firm founded by former Energy Secretary Vicente Perez, is cutting the maximum offer size of its planned initial public offering by 15 percent to P1.87 billion.

The company announced the new offer terms, which will consist of a smaller number of shares, after the IPO was approved by the Philippine Stock Exchange on Tuesday.

It will now sell as many as 1.26 billion shares at a maximum offer price of P1.48 each to finance its pipeline of renewable power projects.

The offer is composed of 1.15 billion primary common shares and an overallotment option for another 115 million primary common shares.

Alternergy, which will list under the stock symbol “Alter”, has yet to set the final timetable for the IPO.

Meanwhile, the proceeds will be used for the development and construction of the Solana Solar project and Lamut Hydro project, payment of debt on the acquired Kirahon Solar Energy Corp. and pre-development expenses of pipeline projects.

These include the Ibulao Hydro project, Tanay Wind project, Alabat Wind project, Calavite Offshore Wind project and Tablas Strait Offshore Wind Project.

It earlier hired BDO Capital & Investment Corp. and Investment & Capital Corp. of the Philippines as joint issue managers and joint lead underwriters for the IPO while Unicaptial Inc. was tapped as co-lead underwriter.

Several companies are reviving their IPO plans in 2023 amid a resilient Philippine economy. Among these were the P28- billion listing of billionaire Enrique Razon Jr.’s Prime Infrastructure Capital Inc. and the P5.4 -billion IPO of Upson International Corp., the country’s biggest retailer of computers and IT equipment.

PSE president Ramon Monzon earlier told the Inquirer the bourse was targeting 14 IPOs for 2023 and total equity deals of P160 billion, which was larger than the P110.4 billion raised last year.