The Tiu family’s hydropower company, Repower Energy Development Corp., is set to conduct its initial public offering (IPO) in 2023. The company will sell its shares at a maximum price of P5 each, with the goal of raising up to P1.15 billion. The funds will be used for the expansion of Repower’s energy portfolio. The IPO will run from June 28 to July 14, and Repower will start trading on the Philippine Stock Exchange under the symbol “REDC” on July 24.
Repower is the third company to go public in 2023, following Alternergy Holdings and Upson International Corp. It is a subsidiary of Pure Energy Holdings Corp., owned by businessman Dexter Tiu. Repower plans to sell up to 200 million shares, raising P1 billion for its ongoing power projects, while Pure Energy will sell 30 million shares valued at P150 million for post-IPO price stabilization activities. This IPO will allow Repower to have a post-listing market value of P3.25 billion.
The proceeds from the IPO will be used to partially fund the construction of Repower’s 15-megawatt Pulanai (Pulangi) power plant in Bukidnon and the 4.5-megawatt Piapi power plant in Quezon. Additionally, Repower will invest in other forms of renewable power to further expand its presence in the industry. The company aims to grow through strategic acquisitions and joint ventures with other hydropower developers, both domestically and internationally.
Repower currently operates six hydropower plants with a combined capacity of 10.146 megawatts. Its IPO is managed by China Bank Capital, serving as the sole issue manager, underwriter, and bookrunner.
In 2022, Repower reported a net income of P168 million, and it expects this to grow to P300 million by the end of 2023.
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