Companies revert to IPO plans

MANILA, Philippines — A number of companies will soon proceed with their planned public listings after shelving their plans last year, hoping to hitch a ride on the recovery of the economy this year.

One company set to proceed with its initial public offering (IPO) as early as February is Alternergy Holdings Corp., which is looking to raise up to P1.89 billion.

Alternergy Holdings is a renewable energy holding company with a portfolio of investee companies with wind, solar, hydro, floating solar and battery storage power projects.

Led by former energy secretary Vince Perez, Alternergy currently has 67.24 megawatts of operating assets in wind and solar, with potential installed capacity of up to 1,368 MW of renewable energy.

In its filing, Alternergy said it would offer up to 1.3 billion common shares priced at up to P1.48 per share. The offer will also include 192,220,000 common shares to be sold by existing shareholders.

Industry sources told The STAR that the Philippine Stock Exchange has already approved the IPO following the approval of the Securities and Exchange Commission, but the PSE has yet to make an announcement on this.

Another company is Upson International Corp., a retailer of personal computers and other tech gadgets.

The SEC has likewise approved the P4-billion IPO of Upson, which is planning to sell up to 789.47 million primary common shares and up to 98.68 million secondary common shares, with an over-allotment option of up to 98.68 million common shares, priced at up to P5.50 per share. Proceeds will be used for network expansion.

Following the SEC’s approval, the company is targeting to go public in the first quarter of the year although it has yet to announce the exact listing date.

Port tycoon Enrique Razon’s Prime Infrastructure Capital Inc., meanwhile, is looking to proceed with its planned P28-billion IPO in June.

Prime Infra is a holding company focused on infrastructure, such as construction, energy and water.

Eighty percent of the company’s revenue comes from listed Manila Water Inc., now led by Razon after acquiring a controlling stake in the water distribution utility company from the Ayala Group.