The Securities and Exchange Commission approved the P1.15-billion initial public offering of Repower Energy Development Corp.
It said REDC plans to sell 200 million common shares, with an over-allotment option for another 30 million shares at a maximum price of P5 each.
REDC is the hydropower arm of Pure Energy Holdings led by businessman Dexter Tiu. The company operates six hydropower plants with a combined capacity of 10.146 megawatts.
The company said it would use the proceeds from the IPO to fund the equity portion of its hydropower projects, the development and/or acquisition of renewable energy projects and operating and working capital requirements.
The company plans to rapidly grow its portfolio through strategic acquisition of existing hydropower plants, enhancing their value through operational improvements, focused redevelopment and the introduction of the latest European technologies.
The IPO will run from June 5 to 14 in time for listing on the main board of the Philippine Stock Exchange on June 23, based on the latest timetable submitted to the SEC.
REDC engaged China Bank Capital Corp. as the sole issue manager, lead underwriter and sole bookrunner for the transaction.
REDC will be second renewable energy firm to list on the local bourse this year after Alternergy Holdings Corp.
Meanwhile, the SEC also approved Fora Services Inc.’s proposed public offering of participation certificates for a condotel in Tagaytay.
Under the plan, Fora Services will sell 164 certificates of participation in the Quest Hotel Tagaytay Project with prices ranging from P187,700 to P440,700.
The certificates will be offered and sold exclusively to the buyers of the 164 rooms in Quest Hotel Tagaytay, which will be operated and managed as a condotel.
Certificate holders will be entitled to receive a payment of distributable participation interest annually and room use privilege for up to 14 nights in the condotel per year.