The Securities and Exchange Commission has approved the follow-on offering of AC Energy Corp. which could fetch up to P16.48 billion.
AC Energy is issuing as much as 2.01 billion shares, of which 1.58 billion will comprise the primary offer pried at P6 to P8.20 per share and 330.24 million shares as the secondary offer.
Up to 100 million shares have also been set aside for the over allotment option.
Net proceeds from the offer, estimated at P12.64 billion, will be used to partially fund the development of power projects, inorganic growth opportunities, repayment of loans and reduction of payables as well as other general corporate purposes.
The follow-on offer will run from May 3 to 7 while the listing of the shares has been set on May 14.
BPI Capital Corp. is the sole global coordinator, underwriter and joint bookrunner for the offer while CLSA and UBS are the international joint bookrunners, as well as joint bookrunners alongside BPI Capital.
AC Energy aims to be the largest renewables player in Southeast Asia with the goal of building up its capacity to 5,000 megawatts by 2025.