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Friday, March 29, 2024

Alternergy prices IPO at P1.28 per share

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Renewable power firm Alternergy Holdings Corp. set the final offer price for its maiden share offering at P1.28 per share, finalizing its offering size at P1.62 billion.

Alternergy president Gerry Magbanua said in a letter to the stock exchange the company would offer up to 1.15 billion primary shares, with an over-allotment option for another 115 million shares.

The final offer price is 13.5 percent lower than the initial indicative price of P1.48. Post-IPO, Alternergy will have P5.03 billion in market capitalization and a 32.16-percent public float.

Alternergy plans to use the proceeds to fund its pipeline of renewable power projects and repay debt.

It plans to start the development and construction of the Solana Solar Project and Lamut Hydro Project. It is also set to develop the Ibulao Hydro Project, Tanay Wind Project, Alabat Wind Project, Calavite Offshore Wind Project and Tablas Strait Offshore Wind Project.

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Investment & Capital Corporation of the Philippines, BDO Capital & Investment Corp. and Unicapital Inc. are the joint underwriters for the offering.

The offering period will run from March 13 to 17. The shares will be listed on the main board of the Philippine Stock Exchange under the stock trading symbol “ALTER” on March 24.

Alternergy will be the first company to be listed in the local bourse this year.

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