REDC Up 0.80% In PSE Debut

Renewable energy firm Repower Energy Development Corp. (REDC) marked its listing on the Philippine Stock Exchange with a 0.80 percent improvement in its share price to P5.04 per share from its initial public offering price of P5.00.

Photo Insert: REDC's listing ceremony.

While the stock reached an intraday high of P5.20 per share, it eventually edged lower as the market in general succumbed to profit-taking after last week’s gains.

REDC offered to the public 200 million new common shares plus an overallotment option of up to 30 million common shares to be sold by the company’s shareholder Pure Energy Holdings Corporation

PSE President Ramon S. Monzon said “(REDC) braved the IPO market even as bigger companies dared not go. Needless to say, it was amply rewarded for its decision. It was able to raise its target amount of capital and at the indicative price of P5.00 per share initially set for its IPO.”

He added: “More impressive is the fact that the company was able to attract the Tokyo Stock Exchange-listed Tokai Holdings Corporation to be an anchor investor in its maiden offering.”

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