MANILA, Philippines – Renewable energy company Alternergy Holdings Corporation is seeking to raise as much as P2.2 billion through an initial public offering (IPO).

The Securities and Exchange Commission said it received last July 5 the company’s registration statement for the primary offer and sale of up to 1.281 billion primary common shares priced at up to P1.48 each, with an overallotment option of up to 192.22 million common shares.

Should the offer get regulatory approval, Alternergy’s shares will be listed on the main board of the Philippine Stock Exchange under the stock symbol ALTER.

Alternergy intends to use the funds for the following:

• Development and construction of the company’s Solana Solar and Lamut Hydro projects
• Payment for acquisition of Kirahon Solar Energy Corporation shares
• Pre-development expenses of pipeline projects, including the Ibulao Hydro project, Tanay Wind project, Alabat Wind project, and Calavite Offshore Wind project
• General corporate requirements and working capital to operationalize retail electricity supply

The company engaged Investment and Capital Corporation of the Philippines as the underwriter for the transaction.

Alternergy was founded by former energy secretary Vicente Perez Jr., who sits as its chairman. The company’s president is Gerry Magbanua.

Alternergy posted a net income of P112.8 million in 2021 following a net loss in 2020. – Rappler.com