REPOWER Energy Development Corp. said its upcoming initial public offering (IPO) has attracted Japan-based listed company TOKAI Holdings Corp. to participate.
“We are pleased on TOKAI’s commitment to participate in our IPO as this is a testament to the market’s growing interest in our company,” Eric Peter Y. Roxas, president and chief executive officer of Repower Energy, said in a media release on Thursday.
TOKAI will take about a 32.5% stake, Repower Energy said, adding that the development will earn the foreign firm a board seat but only on an observer status.
The Japanese conglomerate has businesses in electric power, gas, and renewable energy. On its website, it describes itself as a “comprehensive energy” provider, optimizing energy services for its customers.
“We look forward to taking advantage of the synergies available to us as a result of our partnership with TOKAI, such as our expansion into the Japanese renewable energy market, specifically run-of-the-river hydropower projects where our expertise and TOKAI’s reach in Japan will prove invaluable,” Mr. Roxas said.
Repower Energy, a subsidiary of Pure Energy Holdings Corp., targets to raise P1.15 billion from its IPO to fund the expansion of the company’s projects as well as the development of its other renewable energy plans.
It is set to offer 200 million primary common shares at a maximum offer price of P5 apiece, with an over-allotment option of up to 30 million shares.
Repower Energy said it would start its offer period on June 30 with the settlement date scheduled on July 14, the company plans to list on the Philippine Stock Exchange tentatively on July 24. — Ashley Erika O. Jose