Alternergy Holdings Corporation’s (Alternergy) PHP1.87 billion initial public offering (IPO) has been approved by the Philippine Stock Exchange (PSE). This includes PHP1.15 billion of primary shares valued at PHP 1.48 per share and the company as an option to sell 115 million shares.
The shares will be traded under the stock symbol ALTER. Listing date has not been announced as of yet.
Alternergy plans to use the proceeds to finance works on its ongoing renewable energy projects including the Solana solar and Lamut hydropower projects and pre-development cost of projects including the Ibulao hydropower, Tanay Alabat and Calavite offshore wind projects. The remaining amount will be used to acquire a stake in Kirahon Solar Energy Corporation.