Repower extends book-building, postpones P1.15-b initial public offering to July

By Jenniffer B. Austria – June 7, 2023, 7:40 pm
from manilastandard.net

Repower Energy Development Corp. moved its planned P1.15 billion maiden share offering to July after it recently extended its book-building period.

REDC said in the amended offer timetable posted on the Philippine Stock Exchange’s website it would announce the final offer price on June 23.

The new offer period will be from June 28 to July 14 instead of the previous date of June 6 to 16. The shares will be listed on the main board of the PSE on July 24.

REDC plans to sell 200 million common shares, with an over-allotment option for another 30 million shares at a maximum price of P5 each.

The company said it would use the proceeds from the IPO to fund the equity portion of its hydropower projects, the development and/or acquisition of renewable energy projects and operating and working capital requirements.

REDC is the hydropower arm of Pure Energy Holdings led by businessman Dexter Tiu. The company operates six hydropower plants with a combined capacity of 10.146 megawatts.

China Bank Capital Corp. is the sole issue manager, lead underwriter and sole bookrunner for the transaction.