SEC OKs P1.58-B Pure Energy IPO

Pure Energy Holdings Corp. has received the green light from the Securities and Exchange Commission to proceed with its P1.58 billion initial public offering (IPO).

According to its registration statement filed with the SEC, the renewable energy firm is selling 930 million shares with an option to sell an additional 46.5 million shares at P1.62 per share to raise about 1.58 billion.

The company has tapped Abacus Capital Securities as the underwriter of the offering, scheduled in the first half of the year.

Proceeds will be used for the firm’s planned hydropower projects, joint venture projects and for general working capital.

According to its profile, Pure Energy was founded by businessman Dexter Tiu who also founded Coal Asia Holdings Inc. and Titan Mining & Energy Corp.

Pure Energy is an investment holding company whose purpose is to strategically acquire assets, develop natural resources that are sustainable and be a basic service provider for the needs of the community.

Its subsidiary Repower Energy Development Corp. develops renewable energy.

It is also into bulk water supply and water distribution through Tubig Pilipinas Group Inc. and is continuously expanding its concession footprint in the different regions and provinces in the country and is an up and coming major player in the water business.

If the company pushes through with its planned listing, it would join a roster of six to eight IPO bound firms. –