PSE approves Alternergy’s PHP1.87 billion IPO

Alternergy Holdings Corporation’s (Alternergy) PHP1.87 billion initial public offering (IPO) has been approved by the Philippine Stock Exchange (PSE).

This includes 1.15 billion of primary common shares valued at PHP 1.48 per share and the company has an option to sell another 115 million primary common shares. The shares will be traded under the stock symbol ALTER. Listing date has not been announced as of yet. Alternergy plans to use the proceeds to finance works on its ongoing renewable energy projects including the Solana solar and Lamut hydropower projects, and pre-development cost of projects including the Ibulao hydropower, Tanay wind project, Alabat wind project, Calavite offshore wind project and Tablas Strait offshore wind project. The remaining amount will be used in payment of debt on the acquired Kirahon Solar Energy Corporation.