Tiu leads Repower on stock trading debut

Hydropower company Repower Energy Development Corp. raised 1.15 billion pesos by selling shares, completing the country's third initial public offering (IPO) this year.

The company, which trades under the ticker REDC, closed 0.8% higher at P5.04 per share in its first trade on Monday. IPO shares were earlier sold at 5 pesos per share.

Repower, led by businessman Dexter Tiu, is the latest company to go public in 2023, following renewable energy company Alternergy Holdings and computer gadget retailer Upson International Corp.

Meanwhile, major companies such as real estate investment trust initial public offerings planned by billionaire Enrique Razon Jr.'s Prime Infrastructure Capital Inc. and the Sy family's SM Prime Holdings Inc. have postponed plans to go public due to volatile market conditions.

PSE President Ramon Monzon earlier predicted that there would be 14 IPOs in 2023.

Repower's successful public listing comes as it secured a major investor in Japanese-listed TOKAI Holdings Corp., which acquired a one-third stake in the IPO.

Proceeds from the IPO will be used to partially fund the company's 15-megawatt Pulangi (Pulangi) power plant in Valencia City, Bukidnon and the 4.5-megawatt (MW) Piapi power plant in Mauban, Quezon.

read: Repower adds new small hydro plant to expanding portfolio

Repower said in its IPO prospectus that it will also invest in other forms of renewable energy. Repower operates six hydroelectric power plants with a total capacity of 10.146 MW.

read: Repower to build wind farm in Quezon

Huayin Capital is the exclusive issuance manager, underwriter and bookrunner of this IPO.

Repower said in an earlier statement that its net profit last year was 168 million pesos and was expected to grow to 300 million pesos by the end of this year. Inquire

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