Tiu family’s hydropower firm raising P1.15B via IPO in June
MANILA -The Tiu family’s hydropower company, Repower Energy Development Corp., is raising as much as P1.15 billion via an initial public offering (IPO) in June after obtaining the approval of the Philippine Stock Exchange.
Repower Energy, a subsidiary of businessman Dexter Tiu’s Pure Energy Holdings Corp., is selling up to 200 million shares at a maximum offer price of P5 each to raise P1 billion for its ongoing power projects.
Pure Energy is selling another 30 million shares under an overallotment option to raise P150 million.
The IPO shares will be priced on May 30 this year, according to a preliminary prospectus dated May 15.
The offer period will run from June 6 to 16. The company is targeting to make its Philippine Stock Exchange trading debut under the stock symbol “REDC” on June 26, 2023.
Repower Energy is offering about 32 percent of its shares to outside investors. It would have a post-listing market value of P3.25 billion at the prospective offer price.
Proceeds will be used to partially fund the company’s 15-megawatt (MW) Pulanai (Pulangi) hydroelectric power plant in Valencia City, Bukidnon and the 4.5-MW Piapi power plant in Mauban, Quezon.
It earlier tapped China Bank Capital as sole issue manager, underwriter and bookrunner for the IPO.
