Pure Energy seeks to raise P1.6B via IPO

The Securities and Exchange Commission (SEC) has approved a plan of Pure Energy Holdings Corp. to raise as much as P1.6 billion through an initial public offering.

Pure Energy plans to sell 930 million primary shares at a maximum price of P1.62 per share. Some 46.5 million in secondary shares have been earmarked as over allotment option.

The offering will bring to public hands up to 15.6 percent of its total shares post-IPO.

The bulk of the proceeds will be used by Pure Energy as capital for hydropower projects. The rest will be used for joint venture projects, as well as operating and working capital.

Pure Energy is led by Dexter Tiu, its chair and chief executive officer. Tiu is also a director and treasurer of Coal Asia Holdings.
The company was incorporated in 2013 as a holding firm. Its three subsidiaries are REDC, Pure Water and Pure Geothermal.

REDC is into renewable energy while Pure Water has interests in bulk water, distribution utility and underwater treatment service provider. —DORIS DUMLAO-ABADILLA