Repower Energy Development Corp. (REDC), a subsidiary of businessman Dexter Tiu’s Pure Energy Holdings Corp., has moved its initial public offering (IPO) to next month.
The IPO is anticipated to generate approximately P1.15 billion in funds.
According to the company’s updated timetable, the offer period for REDC’s IPO has been rescheduled to run from June 28 to July 14, versus its previous dates of June 6 to June 16.
The tentative listing date for the company’s shares has been deferred to July 24, originally targeted for June 26.
The pricing of the shares is scheduled for June 23, when the final price per share will be determined.
REDC plans to offer 200 million primary common shares at a maximum price of P5 each.
Furthermore, there will be an overallotment option allowing for up to 30 million additional common shares.
The proceeds raised from the IPO will be channeled to the Pulanai mini-hydro project situated in Bukidnon, as well as the Piapi mini-hydro project located in Quezon.
Additionally, the funds will be utilized for the development and acquisition of renewable energy projects as well as for operational and working capital requirements.