UNICAPITAL SUPPORTS ALTERNERGY IN RAISING PHP1.6 BILLION THROUGH THIS YEAR’S FIRST IPO
Unicapital, Inc. recently participated as Co-Lead Underwriter for the initial public offering of Alternergy Holdings Corporation, a renewable energy holding company co-founded by Former Energy Secretary Vicente Perez. It has a triple-play renewable energy portfolio consisting of wind, solar, and hydro with an installation capacity of up to 1,368 MW.
On March 24, 2023, Alternergy debuted on the main board of the Philippine Stock Exchange (PSE) with a stock symbol ALTER after raising a total of P1.61 billion in an initial public offering.
The Company offered 1,150,000,000 primary common shares representing 32.16% of its economic ownership and with an overallotment option of 115,000,000 common shares. At the offer price of ₱1.28 per share, a total of ₱1.47 billion was raised through primary shares with an additional ₱147 million raised through over-allotment.
Bulk of the IPO proceeds will be utilized to finance the development and construction of the Solana Solar project and the Lamut Hydro project, debt repayment on the acquired Kirahon Solar Energy Corporation, and predevelopment expenditures for pipeline projects including Ibulao Run-of-River Hydro Project, Tanay and Alabat Wind Projects and offshore wind projects.
For this transaction, Unicapital, Inc. served as Co-lead underwriter. Investment Capital Corporation of the Philippines (ICCP) served as the sole issue coordinator, and with BDO Capital and Investment Corporation as joint issue managers and joint lead underwriters.
Unicapital is a leading independent full-service investment house that offers a wide array of financial services. Focusing on the SME market, Unicapital helps clients achieve greater success by offering multiple funding solutions to suit our clients’ needs. Unicapital, Inc. has over 20 years’ experience in the Philippine capital markets and have been a part in various debt and equity transactions.