Alternergy, founded by former Energy chief Vicente S. Perez, Jr., intends to offer up to 1.28 billion common shares at a maximum price of P1.48 per share, with an overallotment option of up to 192.22 million common shares, the company said in its prospectus dated June 28.
According to Alternergy, it aims to develop up to 1,245-megawatt of additional wind, offshore wind, solar, and run-of-river hydro projects as part of its expansion plans for the next five years. The company has developed 67 MW of operating assets in wind and solar and 62 MW of hydro and solar projects that are still being built.
The final offer price will be determined after the company secures regulatory approval, which is temporarily scheduled between Oct. 20 and Nov. 3. “Given the lineup of maiden offers in the next half of the year, we may see a 26-year high in terms of the number of IPOs in a year,” PSE President and CEO Ramon S. Monzon said.