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Manila Bulletin devider Business devider The Stock Market devider REDC sticks to maximum IPO price

REDC sticks to maximum IPO price

Published Jun 28, 2023 05:30 am
Despite challenging market conditions, Repower Energy Development Corporation (REDC) is pushing through with its planned P1.15 billion initial public offering and has set the offering price at the maximum of P5.00 per share after an extended book-building exercise. Philippine Stock Exchange records show that REDC will offer to the public 200 million new common shares plus an overallotment option of up to 30 million common shares to be sold by the company’s shareholder Pure Energy Holdings Corporation. The IPO will run from June 30 to July 14, 2023 and the shares will be to be listed and traded on the Main Board of the Philippine Stock Exchange (PSE) on July 24. REDC expects to net P949.5 million from the offer, which will be used to fund the equity portion of its hydropower projects, the development or acquisition of renewable energy projects, and operating and working capital requirements. It will not receive any proceeds from the sale of common shares held by its selling shareholder. REDC is the hydropower arm of Pure Energy Holdings, led by businessman Dexter Y. Tiu.  The company oversees the operation of a total of six hydropower plants with a combined capacity of 10.146 megawatts. The firm has engaged China Bank Capital Corporation as the sole issue manager, lead underwriter, and sole bookrunner for the transaction. REDC has successfully commissioned its 5.8MW Tibag run-of-river hydropower plant located in Mauban, Quezon. The plant represents the seventh of its kind under REDC’s hydropower portfolio. The company projects that the plant will contribute P215 million in EBITDA annually. With around 6 months of operation up until the end of 2023, the plant is expected to be a significant driver to REDC’s YOY growth in net income for the year. The Tibag hydropower plant’s annual energy generation will be over 40 GW-hr, equivalent to the generation of a 40MW solar farm or a 20 MW wind farm. In addition, the plant provided jobs to over 120 personnel during the construction period. In addition, REDC is expected to make an announcement soon on its 8th hydropower plant, the 1.4 MW Lower Labayat plant, which will come online as soon as NGCP energizes the transmission line from the powerhouse in the next few weeks.
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