MANILA – The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) by Alternergy Holdings Corporation for up to PHP1.89 billion.  
 
In its Nov. 8 meeting, the commission en banc resolved to render effective the registration statement of Alternergy Holdings covering 4,320,669,117 common shares, subject to the company’s compliance with certain remaining requirements.
 
Alternergy Holdings will offer to the public up to 1,281,430,000 common shares priced at up to PHP1.48 per share. The offer will also include 192,220,000 common shares to be sold by existing shareholders.
 
The shares will be listed and traded on the main board of the Philippine Stock Exchange (PSE).
 
Net proceeds from the offer could reach up to PHP1.62 billion, which the company will use for the development and construction of projects under development, debt payment for the acquisition of Kirahon Solar Energy Corp., pre-development expenses for projects in the pipeline, and general corporate requirements.
 
The company engaged BDO Capital & Investment Corporation and Investment & Capital Corporation of the Philippines as joint issue managers and joint lead underwriters for the offer.
 
Alternergy Holdings is a renewable energy holding company with a portfolio of investee companies with wind, solar, hydro, floating solar and battery storage power projects. 
 
It currently has 67.24 megawatts (MW) of operating assets in wind and solar, with potential installed capacity of up to 1,368 MW of renewable energy. (PR)