Repower Energy sets final offer price ahead of IPO
MANILA, Philippines — Repower Energy Development Corp. (REDC) set its final offer price and size ahead of its market debut.
This move, which effectively left the offer size and share price unchanged, was announced in a disclosure sent to the Philippine Stock Exchange early Friday morning.
REDC set its final offer size of 200 million primary common shares for their initial public offering. This also included an overallotment option of up to 30 million secondary common shares if investor appetite proves robust.
REDC set the final offer price at P5 per share.
The company is looking to raise P1.15 billion to bankroll the equity portion of its 19.5 megawatts of current hydropower projects, acquire more renewable assets, and set aside capital.
If realized, REDC will be the third company to debut in the local stock market this year, following the maiden offerings of Upson International Corp. and Alternergy Holdings Corp. The PSE is looking to rake in P160 billion from companies going public in 2023.
The PSE said they were expecting 14 IPOs this year, higher compared to the nine in the preceding year. — Ramon Royandoyan
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