• July 25, 2023 - Repower raises P1.15 billion from IPO

    Full article here

  • July 25, 2023 - Tiu-led Repower gains on stock trading debut

    Hydropower company Repower Energy Development Corp. completed the country’s third initial public offering (IPO) for the year as it raised P1.15 billion through the sale of shares.

    The company, which is listed under the stock symbol REDC, closed 0.8 percent higher at P5.04 per share during its trading debut on Monday. The IPO shares were earlier sold at P5 each.

    Hydropower company Repower Energy Development Corp. completed the country’s third initial public offering (IPO) for the year as it raised P1.15 billion through the sale of shares.

    The company, which is listed under the stock symbol REDC, closed 0.8 percent higher at P5.04 per share during its trading debut on Monday. The IPO shares were earlier sold at P5 each.

    Repower, led by businessman Dexter Tiu, is the latest public listing in 2023 after renewable power firm Alternergy Holdings and computer gadgets retailer Upson International Corp.

    It comes as larger companies, including billionaire Enrique Razon Jr.’s Prime Infrastructure Capital Inc. and the planned real estate investment trust IPO of the Sy family’s SM Prime Holdings Inc., delayed their listing plans due to volatile market conditions.

    PSE president Ramon Monzon earlier expected as many as 14 IPOs in 2023. He said, however, they were still targeting to grow capital market fundraising by 44 percent to P160 billion this year.

    Repower’s successful public debut came as it secured Japan-listed TOKAI Holdings Corp. as an anchor investor when the latter acquired a third of the IPO shares.

    IPO proceeds will be used to partially fund the company’s 15 Megawatt Pulanai (Pulangi) in Valencia City, Bukidnon and the 4.5 megawatts (MW) Piapi power plant located in Mauban, Quezon.

    Repower said in its IPO prospectus it would also invest in other forms of renewable power. Repower operates six hydropower plants with a combined capacity of 10.146 MW.

    China Bank Capital is the sole issue manager, underwriter and bookrunner for the IPO.

    In an earlier statement, Repower said it had a net income of P168 million last year and this was projected to grow to P300 million by the end of this year.

    Full article here

  • July 25, 2023 - Repower up in market debut

    MANILA, Philippines — Repower Energy Development Corp. (REDC) successfully made its debut on the Philippine Stock Exchange yesterday, closing slightly higher than its initial public offering price of P5.04 per share.

    REDC is a subsidiary of Pure Energy Holdings Corp., which also planned to list back in 2017 but did not push through with its IPO.

    “Pure Energy’s IPO plans then may not have materialized but today, six years later, PSE welcomes its subsidiary REDC to the exchange’s growing roster of listed renewable energy firms.

    A number of companies have recently deferred their IPO plans purportedly due to poor market conditions.

    They were apprehensive that they were not able to get the IPO price they want...For me, such apprehension is misplaced.

    I believe there is no wrong time for a company to do an IPO. When you need to raise capital for your operations, go for your IPO.

    The IPO price is not and should not be the be all and end all for doing an IPO rather an IPO is just the beginning for a company as it utilizes the IPO proceeds to grow and expand,” PSE president and CEO Ramon Monzon said yesterday.

    Tokyo Stock Exchange-listed TOKAI Holdings Corp. participated in REDC’s IPO as an anchor investor. The Japan-based listed conglomerate, which is involved in various sectors such as gas, solar power, and real estate, took a 32.5 percent stake out of REDC’s IPO.

    Eric Peter Roxas, president and CEO of REDC, said the company is taking advantage of the synergies available to the company as a result of its partnership with TOKAI.

    During yesterday’s listing, Roxas said that by going public, REDC is able to enhance its value for its shareholders and stakeholders.

    For its public listing, REDC successfully raised P1.15 billion by offering common shares at P5 per piece.

    REDC offered a total of 200 million common shares with an over-allotment option of 30 million common shares.

    REDC intends to use the proceeds to fund the equity portion of its hydropower projects, the development and acquisition of renewable energy projects, and operating and working capital requirements.

    At present, the company operates six hydropower plants with a combined capacity of 10.146 megawatts.

    Earlier, it successfully commissioned a new power plant in Mauban, Quezon.

    Full article here

  • July 25, 2023 - Repower bucks PSEi dip, gains on market debut

    REPOWER Energy Development Corp. officially went public on Monday, July 24, trading and ending the day higher and also defying an overall stock market dip.

    The firm, which raised a little over P1 billion from the sale of 230 million shares at P5 apiece, opened at P5.01 and traded as high as P5.20 before closing 0.8 percent up at P5.04.

    The benchmark Philippine Stock Exchange index (PSEi), meanwhile, fell by 0.25 percent to 6,631.25 as investors opted for caution ahead of President Ferdinand Marcos Jr.'s State of the Nation Address.

    PSE President and CEO Ramon Monzon lauded Repower for pushing through with its initial public offering (IPO) despite timing concerns.

    "I believe there is no wrong time for a company to do an IPO," he said. "When you need to raise capital for your operations, go for your IPO."

    "The IPO price is not and should not be the be-all and end-all for doing an IPO," Monzon added. "Rather, an IPO is just the beginning for a company as it utilizes the IPO proceeds to grow and expand its businesses."

    Repower, the PSE chief continued, was rewarded for its decision to push ahead despite weak market conditions.

    "Repower Energy was able to raise its target amount of capital and at the indicative price of P5.00 per share initially set for its IPO," he said.

    "More impressive is the fact that the company was able to attract the Tokyo Stock Exchange-listed Tokai Holdings Corporation to be an anchor investor in its maiden offering."

    Repower President and CEO Eric Peter Y. Roxas thanked all who made the listing possible and said the firm would continue pursuing renewable energy projects to meet the country's needs.

    "This is the very reason why we are here: to be able to generate more funds so we can build more plants to enhance shareholder value and, in our own small way, contribute to saving the environment and uplifting the lives of our fellow Filipinos," he added.

    Repower last month said that Tokai would be buying 32.5 percent of the IPO shares, in return for gaining a board seat on observer status.

    The offer period began on June 30 and ended on July 14. China Bank Capital Corp. was the sole issue manager, lead underwriter, and bookrunner for the transaction.

    Repower said the IPO proceeds would be used to fund its Pulanai (Pulangi) and Piapi micro hydropower projects, the development and/or acquisition of renewable energy projects, and operating and working capital requirements.

    Full article here

  • July 25, 2023 - Repower Energy shares gain in P1.15-billion IPO

    REPOWER Energy Development Corp. (REDC) saw its shares gain four centavos during its initial public offering (IPO) on Monday where it raised P1.15 billion to fund the expansion of its renewable energy portfolio.

    “We are now more mature with our track record of developing and managing hydropower plants with sustainable and exponential growth,” Repower Energy President Eric Peter Y. Roxas said.

    “We believe that by going public we can further enhance our value for the benefit of all our shareholders,” he added.

    For its IPO, the company offered 200 million primary common shares, with an over-allotment option of up to 30 million shares, priced at P5 apiece.

    Repower Energy opened at P5.01, rising as high as P5.20 before closing at P5.04 per share. It trades on the main board of the Philippine Stock Exchange (PSE) under the stock symbol REDC.

    The company’s offering attracted participation from Japan-based listed company TOKAI Holdings Corp. It previously said that the foreign firm would take about a 32.5% stake in Repower Energy, earning it a board seat on an observer status.

    “We look forward to a long and fruitful business relationship with them in the days to come,” Mr. Roxas said.

    Repower Energy said proceeds from the offering would partially fund the equity portion of the 15-megawatt (MW) Pulanai or Pulangi micro-hydroelectric power plant in Valencia City, Bukidnon, and the 4.5-MW Piapi hydropower plant in Mauban, Quezon.

    Proceeds will also be used for the development and acquisition of renewable energy projects, and for operating and working capital requirements.

    In a statement on Monday, PSE President and Chief Executive Ramon S. Monzon said Repower Energy’s decision to go ahead with its maiden offering amid the deferrals by others goes with his belief that “there is no wrong time for a company to do an IPO.”

    “When you need to raise capital for your operations, go for your IPO. The IPO price is not and should not be the be-all and end-all for doing an IPO. Rather, an IPO is just the beginning for a company as it utilizes the IPO proceeds to grow and expand its businesses,” Mr. Monzon said.

    The offer period for Repower Energy’s IPO began on June 30 and ended on July 14. The company tapped China Bank Capital Corp. as the sole issue manager, lead underwriter, and sole bookrunner for the offering.

    Repower Energy is a subsidiary of Pure Energy Holdings Corp., an investment holding company that aims to strategically acquire assets, develop sustainable natural resources, and be a basic service provider for the needs of the community.

    Aside from Repower, the parent firm’s subsidiaries include Just Solar Corp., Pure Geothermal, Inc., and Tubig Pilipinas Group, Inc.

    Full article here

  • July 25, 2023 - Repower share price little changed on market debut

    The share price of Repower Energy Development Corp., a subsidiary of Pure Energy Holdings Corp., was little changed during its debut in the Philippine Stock Exchange (PSE) on Monday.

    Repower’s shares closed less than 1 percent higher to P5.04 from the initial public offering (IPO) price of P5. It opened at P5.01 before climbing to P5.20, but almost succumbed to profit-taking during the afternoon trade.

    “The listing of Repower Energy and Development Corp. or REDC was indeed a long and an eye-opening journey. Since September of 2022 or so, we had to hold weekly meetings and work through a lot of lists, a long list of regulatory requirements,” Eric Peter Y. Roxas, president and CEO of Repower, said during his speech.

    “This is the very reason why we are here today to be able to generate more funds. So we can build more plants to enhance shareholder value and in our own small way, contribute to preserving the environment and uplifting the lives of our fellow Filipinos.”

    A total of 200 million common shares at P5 per share has been offered to the public, with an over-allotment option that allows for the sale of up to 30 million common shares.

    Meanwhile, the benchmark PSE index fell by 16.31 points to close at 6,631.25, after posting gains for three consecutive days.

    “Investors were also waiting for the President’s State of the Nation Address later which would be crucial in shaping investors’ sentiment. Given this, many stayed on the sidelines with the net market value turnover recording at P2.77 billion, lower than this month’s average so far of P3.93 billion,” Claire Alviar, Research and Engagement Officer at Philstocks Financial Inc., said.

    Repower said Tokai Holdings Corp., a Japan-based conglomerate with interests in sectors such as gas, solar power and real estate, served as an anchor investor in its 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 its post-IPO outstanding shares.

    The primary shares have gross proceeds of about P1 billion for the company.

    Of the primary proceeds, the company plans to use it to fund the equity portion of its hydropower projects, the development and acquisition of renewable energy projects and operating and working capital requirements.

    In particular, the company will use the proceeds to fund the equity portion of the 15-megawatts Pulanai MHP project located in Bukidnon and the equity portion of the 4.5MW Piapi MHP project in Quezon Province.

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

    Full article here

  • July 25, 2023 - Repower closes up at IPO

    Repower Energy Development Corp. closed up P0.04 to P5.04 on it listing day yesterday.

    Repower sold to the public 230 million common shares, divided into an initial 200 million primary shares and another 30 million secondary shares covering the greenshoe option at an offer price of P5.

    The primary shares grosses for the company P1 billion.

    The company plans to use part of the proceeds to fund the equity portion of its hydropower projects, the development and/or acquisition of renewable energy projects, and operating and working capital requirements.

    In particular, the company will use the proceeds to fund the equity portion of the 15-megawatts (MW) Pulanai MHP project located in Bukidnon; the fund the equity portion of the 4.5MW Piapi MHP project in Quezon Province.

    The offer ran between June 30 and July 14. China Bank Capital Corp. served as the sole issue manager, lead underwriter, and sole bookrunner for the transaction.

    The initial public offering attracted Japan’s TOKAI Holdings Corp., which acquired 32.5 percent of shares for sale.

    Tokai, which has exposures in the businesses of gas, solar power, and real estate, will have a seat in the company’s board of directors on an observer status.

    Full article here

  • July 24, 2023 - Repower Energy Development IPO is today

    Repower Energy Development [REDC 5.00] will start its life on the PSE this morning, after what was generally a very quiet offer period. There were a total of 230 million shares available between a 200 million primary share firm offer and a 30 million share over-allotment option that was funded with secondary shares. REDC is a renewable energy developer that specializes in run-of-river hydro projects, which look to generate power through smaller rivers without the need for massive flow-disrupting dams. All of the proceeds from the sale of the primary shares are slated to be put toward project development.

    IPO Allocation Poll: Lured with the chance to win one of two P500 Grab Food vouchers, 120 readers responded to the poll and provided feedback on the REDC IPO, the number of shares requested, and the number of shares received. Of the 120 readers polled, 29% applied to purchase IPO shares, while 71% did not.

    Allocation rates: Readers reported requesting 437,700 IPO shares worth P2.18 million, and receiving an aggregate allocation of 324,200 worth P1.62 million, for a 74% allocation rate. The most popular method of purchase was the PSE EASy platform, which had an allocation rate of 95%. The top broker by volume was COL Financial with an allocation rate of 97%. The worst-performing broker, by allocation rate, was AP Securities with 0%. Only 10% of readers reported receiving any feedback from their broker that the IPO was oversubscribed.

    Reasons for avoiding the IPO: There were a number of reasons why the 85 non-purchasing readers avoided the REDC IPO, but the most popular was “market conditions” (40%), followed by “seemed to expensive” (15%), “not the right fit for my portfolio” (13%), and “no money” (12%). A few write-in responses gave some insight into other issues that are weighing on retail investors’ minds, such as “will wait first”, “majority of IPOs are down on the first day”, “IPOs are mostly failures”, and, of course, “sleepy”. I feel that one.

    Is it oversubscribed? Probably not. We don’t have insight into the institutional tranche of the IPO, but we do have some insight into the broker tranche and the PSE EASy tranche, and that insight leads me to think that the vast majority of requests that were made by retail were satisfied. While there were a few fractional allocations noted by readers that requested shares from specific brokers, 88% of the unallocated shares came from a single reported request of 100,000 shares with AP Securities that went completely unallocated. Was that report accurate? I don’t know. I don’t like to eliminate data points, but if we do leave that one out-sized point aside, the overall allocation rate jumps up to 96% with only a few minor fractional allocations from AB Capital and COL Financial. From a retail perspective, it’s safe to say that this IPO was not oversubscribed.

    MB Bottom-line: Like nearly all IPOs these days, REDC will have a stabilization fund, so its first day of trading will not subject the stock to the raw, uncensored opinion of the market. It’s going to have access to a modest pool of artificial demand if the price dips below the P5.00/share IPO offer price. The question is, will REDC need it? I don’t know for certain, but what I do know is that retail was not extraordinarily interested in this IPO, and recent renewable energy IPOs like Alternergy [ALTER 1.00 3.9%; 43% avgVol] and Raslag [ASLAG 1.40; 282% avgVol] are down 19% and 30% from their IPO prices, respectively.

    If the greater market manages to get some momentum and start to build a case for a new bull run, perhaps REDC can catch that wave and avoid the losing fate of every single non-REIT IPO for the past 18 months. Unfortunately, the opposite is true as well. As the PSE brushes up against this major point of resistance, there’s just as great a chance that the market heads back down into the low-6000s, dragging REDC down with it.

    So while the stabilization fund will provide some support, it’s not a guarantee against loss, and investors can’t rely on a large cohort of unsatisfied IPO demand to add much (if any) wind to REDC’s sails. Out of the last 13 IPOs, only one has lost on its opening day (Balai Ni Fruitas [BALAI 0.52 1.9%; 17% avgVol] [-7%]), and two have finished flat (ALTER and Vista REIT [VREIT 1.66 0.6%; 134% avgVol]). Everything else has finished in the positive. But in our market, it’s not what happens on the first day that we need to be careful with, it’s what happens after. Long-term, only SP New Energy [SPNEC suspended] is trading consistently above its IPO price. That said, I love IPOs because you just don’t know what’s going to happen. Now if you’ll excuse me, I need to make some popcorn before they ring the opening bell!

    Full article here

  • July 24, 2023 - REDC up 0.80% on PSE debut

    Renewable energy firm Repower Energy Development Corporation (REDC) marked its listing at the Philippine Stock Exchange with a 0.80 percent improvement in its share price to P5.04 per share from its initial public offering price of P5.00.

    While the stock reached an intraday high of P5.20 per share, it eventually edged lower as the market in general succumbed to profit-taking after last week’s gains.

    REDC offered 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.

    PSE President Ramon S. Monzon said “(REDC) braved the IPO market even as bigger companies dared not go. Needless to say, it was amply rewarded for its decision. It was able to raise its target amount of capital and at the indicative price of P5.00 per share initially set for its IPO.”

    “More impressive is the fact that the company was able to attract the Tokyo Stock Exchange-listed Tokai Holdings Corporation to be an anchor investor in its maiden offering,” he added.

    Monzon noted that, “A number of companies have recently deferred their IPO plans purportedly due to poor market conditions. They were apprehensive that they might not be able to get the IPO price they want or were promised.”

    “For me, such apprehension is misplaced. I believe there is no wrong time for a company to do an IPO. When you need to raise capital for your operations, go for your IPO. The IPO price is not and should not be the be-all and end-all for doing an IPO,” he said.

    Monzon explained that, “Rather, an IPO is just the beginning for a company as it utilizes the IPO proceeds to grow and expand its businesses. It has been proven many times at PSE that when a listed company has a good story, promising business prospects, and capable and talented management, the company’s stock price will surely reflect the same.”

    The bulk of the funds raised by REDC from the IPO will be used to partially fund the equity of two mini hydroelectric power plants.

    Construction on these power plants started early this year. They are expected to start commercial operations in the fourth quarter of 2025 and will add a total of 19.5 megawatts in capacity to REDC’s portfolio.

    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.

    Full article here

  • July 24, 2023 - Repower Development lists in PSE after raising P1.15b from initial public offering

    Renewable energy producer Repower Development Corp. on Monday listed its shares on the Philippine Stock Exchange after raising P1.15 billion from an initial public offering.

    The stock opened at P5.01 and hit a high of P5.20 before closing at P5.04, up P0.04 from its IPO price of P5.

    The company raised P1.15 billion in gross proceeds from the sale of 200 million shares, with an over-allotment option that allowed it to offer another 30 million common shares.

    REDC president Eric Peter Roxas said during the listing ceremony the proceeds would enable it to build more renewable plants and enhance shareholder value.

    PSE president and chief executive Ramon Monzon commended REDC for braving the market even as several companies had deferred similar plans because of the current the market conditions.

    REDC said it would use the proceeds to fund the equity portion of its hydropower projects, the development and acquisition of renewable energy projects and operating and working capital requirements.

    The company, a subsidiary of Pure Energy Holdings Corp., earlier said it planned to spend P15 billion to develop 50 megawatts of capacity and other possible RE projects in the next three to five years.

    Its projects under development include the 15-megawatt Pulanai mini-hydro power plant in Bukidnon and the 4.5-MW Piapi mini-hydro power plant in Quezon which are expected to come online by 2025.

    The company’s portfolio of operating and income-generating mini-hydro power plants include the 1.5-MW Palakpakin, 1.1-MW Balugbog, 300-kilowatt Calibato, 2.19-MW Majayjay, 1.6-MW Inarihan, 3.456-MW Upper Labayat, 5-MW Tibag and 1.4-MW Lower Labayat facilities.

    PSE president and chief executive Ramon Monzon commended REDC for braving the market even as several big had deferred their planned IPOs because of the market conditions.

    REDC is the third company to list in the local bourse this year after gadgets retailer Upson International Corp. and renewable energy firm Alternergy Holdings Corp.

    Full article here

  • July 24, 2023 - Repower raises P1.15 billion from IPO, lists in stock exchange

    Renewable energy producer Repower Development Corp. on Monday listed its shares on the Philippine Stock Exchange after raising P1.15 billion from an initial public offering.

    REDC president Eric Peter Roxas said during the listing ceremony the proceeds would enable it to build more renewable plants and enhance shareholder value.

    PSE president and chief executive Ramon Monzon commended REDC for braving the market even as several companies had deferred similar plans because of the current the market conditions.

    REDC said it would use the proceeds to fund the equity portion of its hydropower projects, the development and acquisition of renewable energy projects and operating and working capital requirements.

    Full article here

  • July 24, 2023 - Repower Energy shares nudge higher on listing debut amid cautious trading

    Businessman Dexter Tiu’s Repower Energy Development Corp. (REDC) made its stock market debut Monday with a slight uptick in share prices, despite subdued trading conditions.

    Having successfully concluded its initial public offering, REDC raised a total of P1.15 billion to fuel its ambitious expansion plans.

    The company’s shares showed promise, hitting an intraday high of P5.20 per share before retracing to close at P5.04 per share, representing a modest 0.8 percent increase over its IPO price of P5.

    The IPO proceeds are set to play a vital role in REDC’s strategic initiatives, with funds earmarked for partially financing two mini hydroelectric power plants, acquiring and developing renewable energy projects, as well as catering to operational and working capital requirements.

    Philippine Stock Exchange president and CEO Ramon S. Monzon lauded REDC for proceeding with its maiden offering, a bold move amid a market landscape where larger firms have been postponing their IPO plans in response to sluggish conditions.

    “I believe there is no wrong time for a company to do an IPO. When you need to raise capital for your operations, go for your IPO. The IPO price is not and should not be the be-all and end-all for doing an IPO. Rather, an IPO is just the beginning for a company as it utilizes the IPO proceeds to grow and expand its businesses,” Monzon said.

    An especially notable development in REDC’s IPO journey is the participation of Tokai Holdings Corporation, a Tokyo Stock Exchange-listed conglomerate, as an anchor investor.

    Tokai Holdings, with diverse interests spanning gas, solar power, and real estate, secured a 32.5 percent stake in REDC’s offering. In return, REDC granted Tokai a board seat on an observer status.

    Full article here

  • July 7, 2023 - DragonFi Exclusive Interview with Repower Energy Development Corporation President Eric Peter Y. Roxas

    Source video here

  • July 5, 2023 - Repower Energy IPO seen to benefit from focus on hydropower projects

    FAVORABLE government policies and the global shift toward clean energy sources present opportunities for Repower Energy Development Corp. or REDC, analysts said, as the company started offering its shares to the public.

    “REDC’s competitive advantage lies in its focus on renewable energy, specifically hydropower projects,” said Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc.

    “Hydropower is a reliable and sustainable source of energy, and with the increasing global demand for clean energy, REDC’s emphasis on renewable assets positions it favorably in the market,” he said in a Viber message.

    In its initial public offering (IPO), Repower Energy is selling 200 million primary common shares priced at P5 apiece, with an over-allotment option of up to 30 million shares.

    Pure Energy Holdings Corp.’s subsidiary plans to list on the Philippine Stock Exchange (PSE) tentatively on July 24. Its offer period is from June 30 until noon on July 14.

    Repower Energy’s final offer price suggests “investor confidence,” Mr. Arce said, adding that the company’s existing portfolio of hydropower projects can fuel investor appetite.

    IPO proceeds, which are expected at about P1.15 billion, will fund the company’s hydropower projects and the development of its other renewable energy (RE) projects.

    For Mr. Arce, going public shows the company’s “operational capabilities and experience in the sector,” which he said is attractive for investors seeking opportunities in the RE sector.

    “REDC is a potential retail play, given its small offer size of about P1 billion and its renewable energy growth narrative,” Unicapital Securities, Inc. Senior Equity Research Analyst Carlos Angelo O. Temporal said.

    Regina Capital Development Corp. Head of Sales Luis A. Limlingan said what sets the company apart from the other RE firms that went public “is that it focuses on the development of hydroelectric power plants.”

    Repower Energy is planning to expand its installed energy capacity by 1 gigawatt (GW) in the next five years.

    “A public listing is a key milestone for REDC, with the 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,” said Eric Peter Y. Roxas, president and chief executive officer of Repower Energy.

    The Philippines’ energy sector is seen to have abundant potential in the renewable energy field considering the country’s vast untapped indigenous resources.

    The Department of Energy also issued policies favoring the sector, including opening RE projects to full foreign ownership and issuing a policy framework for offshore wind energy projects, which is considered an emerging technology.

    Full article here

  • July 4, 2023 - REDC begins initial public offering

    Repower Energy Development Corp., a subsidiary of Pure Energy Holdings Corp., said Tuesday it commenced its initial public offering after finalizing the IPO terms.

    The company is offering 200 million common shares at P5 apiece to the public, with an over-allotment option that allows for the sale of another 30 million common shares.

    The offering period started June 30 at 9 a.m. and will end on July 14 at 12 noon. The listing date was tentatively set on July 24.

    China Bank Capital is the sole underwriter for the offering.

    REDC said TOKAI Holdings Corp.— 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 agreed to purchase up to 32.5 percent of the 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,” said REDC president and chief executive Eric Peter Roxas.

    “We look forward to marking a new chapter in our history — a chapter full of growth and potential,” he said.

    Full article here

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