Repower Energy Development Corporation (“REDC”), a subsidiary of Pure Energy Holdings Corporation, has started its initial public offering after finalizing the IPO terms.
A total of 200 million common shares at P5.00 per share is being offered to the public, with an over-allotment option that allows for the sale of up to 30 million common shares.
The offering period started 30 June at 9:00 a.m. and will end on 14 July at 12:00 noon. The listing date is tentatively set on July 24. China Bank Capital is the sole underwriter for the offering.
REDC revealed that TOKAI Holdings Corporation (“TOKAI”) — a Japan-based conglomerate with interests in sectors such as gas, solar power, and real estate — may serve as an anchor investor in REDC’s IPO. TOKAI has committed to purchase up to 32.5 percent of shares available for sale in the IPO, a transaction that could result in the ownership of almost 10 percent of REDC’s post-IPO outstanding shares.
“A public listing is a key milestone for REDC, with majority of the use of proceeds allocated for the completion of two of its ongoing projects. This will lead towards fulfilling our goal of uplifting Filipinos’ living standards through clean, accessible, and affordable energy consistent with the United Nations’ Sustainable Development Goals (“SDG”),” Eric Peter Y. Roxas, president and CEO of REDC, said.
“We look forward to marking a new chapter in our history — a chapter full of growth and potential.”
