THE Securities and Exchange Commission (SEC) has approved the P1.58-billion maiden share sale plan of renewable energy company Pure Energy Holdings Corp.
The SEC approved the initial public offering (IPO) plan of Pure Energy in an en banc session on Thursday.
In a prospectus forwarded to the media on Friday, Pure Energy said it intends to raise P1.58 billion from the sale of 976.5 million shares priced at up to P1.62 per share. The base offer consists of 930 million shares, with an oversubscription option of 46.5 million shares.
After the IPO, the company will have 15.6 percent public float out of the 6.24 billion total issued and outstanding common shares.
Pure Energy will use the IPO proceeds for the equity portion of its hydropower projects (P990.85 million), pre-development of 20 joint venture projects (P200 million), and for operating and working capital from 2017 to 2019.
Established in 2013, Pure Energy is a holding company of renewable energy and utilities firms which include Repower Energy Development Corp., Pure Water Corp. and Pure Geothermal Inc. Its president and chief executive officer is Dexter Y. Tiu, while one of its independent directors is JG Summit group’s Lance Gokongwei.
Pure Energy is the third company to secure IPO approval this year from the SEC, after Mazda dealer Bermaz Auto Philippines Inc. and Wilcon Depot Inc.
Other IPO hopefuls include Eagle Cement Corp. (P9.2 billion), Cebu Landmasters Inc. (P3.8 billion), Audiowav Media Inc. (P2.6 billion), The Big Chill Inc. (P500-600 million), and Xeleb Technologies Inc. (P800 million).