Biomass firm Green Power to raise P290M from IPO

MANILA, Philippines – An Iloilo, Panay-based biomass company is intending to raise as much as P290 million ($6.47 million*) from an initial public offering (IPO).

Green Power Panay Philippines Inc. is currently developing a 35 megawatt (MW) biomass power plant in Mina, Iloilo, Panay. Biomass are renewable organic materials, like wood, agricultural crops or wastes used as a fuel or energy source. Biomass can be burned directly or processed into ethanol and methane biofuels.

Green Power is positioned to construct and operate the biomass fuelled power plant that uses clean, cost effective, renewable energy in the form of electricity.

In a filing with the Securities and Exchange Commission (SEC), Green Power said it will offer 145 million primary common shares from unissued capital at an offer price of P2 ($0.045) per share.               

Green Power wanted first to list its shares with the Philippine Stock Exchange (PSE) through an introduction. As it recently amended its registration statement, it instead will conduct a public offering of shares.

The company plans to list under the main board of the PSE.

The company also owns 11 hectares of land in Barangay Cabalabaguan, in Mina, Iloilo dedicated to the power plant and biomass storage area.

Green Power will join 3 other companies planning to conduct an IPO this year.

The SEC approved en banc 3 IPOs: Rustan’s retail arm SSI Group, Korean semiconductor firm Phoenix, and independent mobile consumer content provider Xurpas. Meanwhile, fruit grower and canner Del Monte Pacific Ltd (DMPL) has set its final offer price per share at P17 ($0.38) for its follow-on offering. These IPOs and and a follow on offering are amounting to P10.52 billion ($234.65 million).

Two companies have already conducted IPOs this year – DoubleDragon Properties, Inc. and Century Pacific Foods Inc. Top Frontier Holdings Inc. and Trans Asia Petroleum Corp. were listed through introduction or without public offering. – Rappler.com

($1 = P44.83)