Pure Energy files P1.5-B IPO

MANILA, Philippines -  Pure Energy Holdings Corp. is seeking the nod of the Philippine Stock Exchange (PSE) to raise P1.5 billion worth of shares from an initial public offering possibly in the first half of the year.

The company has already filed with the Securities and Exchange Commission (SEC) an application to sell 930 million common shares with an option to sell 46.5 million shares more at P1.62 per piece.

It has tapped Abacus Capital Securities as lead underwriter for the IPO.

Based on its profile, Pure Energy was founded by businessman Dexter Tiu who also founded Coal Asia Holdings Inc. and Titan Mining & Energy Corp., and Eric Roxas, a director of Coal Asia and Titan Mining.

The company was established in 2013 to capitalize on the booming renewable energy sector in the country.

“It is an investment holding company whose purpose is to strategically acquire assets, develop natural resources that are sustainable and be a basic service provider for the needs of the community,” it said.

Through its subsidiary Repower Energy Development Corp., Pure Energy develops renewable energy. It is also into bulk water supply and water distribution through Tubig Pilipinas Group Inc. and is continuously expanding its concession footprint in the different regions and provinces in the country.

If it pushes through with its planned listing, Pure Energy would join a roster of six to eight IPO bound firms which include Xeleb Inc., Audiowave, Wilcon, the Big Chill and possibly, Monde Nissin.

PSE president Hans Sicat said the environment is better this year as some of the global uncertainties have already dissipated.

The PSE expects capital-raising activities to be much higher than last year’s P170.12 billion.