MANILA, Philippines — Prospective market debutante Repower Energy Development Corp. is extending its book-building period.
The move was announced in a disclosure sent to the Philippine Stock Exchange index on Tuesday.
The renewable energy developer’s P1.15 billion initial public offering will see the company selling up to 230 million common shares at P5 apiece. Of those shares, 200 million are primary shares while 30 million will be secondary shares that comprise its over-allotment option, tapped if interest proved robust.
As it is, the company is looking to use 74% of proceeds from its listing to fund parts of the equity of its 19.5 Megawatt hydropower projects. The rest will go to funding or acquisition of renewable energy projects, with 10% allotted for working capital.
The company’s IPO was already approved by the Securities and Exchange Commission.
If realized, REDC will be the third company to debut in the local stock market this year, following the maiden offerings of Upson International Corp. and Alternergy Holdings Corp. The PSE is looking to rake in P160 billion from companies going public in 2023.
The PSE said they were expecting 14 IPOs this year, higher compared to the nine in the preceding year. — Ramon Royandoyan