Vince Perez gets SEC OK to proceed with Alternergy’s P1.89B IPO

The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) by Alternergy Holdings Corporation, led by former energy secretary Vince Perez, amounting up to P1.89 billion.

Alternergy Holdings will offer to the public up to 1.28 billion common shares at a maximum price of P1.48 per share. The offer will also include 192.22 million shares to be sold by existing shareholders.

Net proceeds from the offer which could reach up to P1.62 billion will be used 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.

BDO Capital & Investment Corporation and Investment & Capital Corporation of the Philippines are the 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 of operating assets in wind and solar, with potential installed capacity of up to 1,368 MW of renewable energy.