The Securities and Exchange Commission (SEC) has approved Repower Energy Development Corp.’s plan to go public, subject to the company satisfying the remaining conditions of Repower Energy for 650,000,002 common shares conditional on the satisfaction of certain remaining requirements by the companies are dependent on,” the SEC said Monday.
Repower Energy will offer 200 million common shares to the public at up to P5 per share.
The initial public offering (IPO) includes an over-allotment option of up to 30 million common shares to be issued by parent company Pure Energy Holdings Corp. are to be sold.
“The company said it expects a net gain of 949.50 million pesos from the offering and the shares will be listed and traded on the main board of the Philippine Stock Exchange (PSE),” the SEC said.
“The IPO will run from June 5th to 14th, 2023, while the listing on the PSE will take place on June 23rd, 2023, based on the latest schedule presented to the Commission.”Repower Energy plans to use the proceeds for hydroelectric projects, renewables -Develop and acquire energy projects and finance working and working capital requirements. China Bank Capital Corp. was retained as sole underwriter, lead underwriter and sole bookrunner for the transaction.
Comments are closed.