Based on its application with securities regulators, Tarlac Electric plans to offer to the public 1.75 million primary shares at a price of P345 apiece.
Under its franchise, Tarlac Electric is mandated to sell 30% of its outstanding capital on or before the fifth year of its operations.
Proceeds from the IPO will be used to fund the company’s expansion projects, retire maturing short-term debt and for general working capital.
Tarlac Electric is building its three-story headquarters as well as upgrading its 69 kilovolt line from the National Grid Corp. of the Philippines.
Penta Capital & Investment Corpo. Is the sole underwriter for the offer.