Alternergy IPO gets PSE nod

Alternergy Holdings Corp., the renewable power firm founded by former Energy Secretary Vicente Perez, is cutting the maximum offer size of its planned initial public offering by 15 percent to P1.87 billion.

The company announced the new offer terms, which will consist of a smaller number of shares, after the IPO was approved by the Philippine Stock Exchange on Tuesday.

It will now sell as many as 1.26 billion shares at a maximum offer price of P1.48 each to finance its pipeline of renewable power projects.

The offer is composed of 1.15 billion primary common shares and an overallotment option for another 115 million primary common shares.

Alternergy, which will list under the…

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