ACEN Corporation has formally listed its Series A and Series B preferred shares through a bell ringing ceremony held at the Philippine Stock Exchange on Friday, 1 September 2023.
ACEN raised P25 billion from the sale of firm offer shares and over-subscription option shares during its follow-on offering (FOO).
PSE president and CEO Ramon S. Monzon lauded ACEN on its oversubscribed FOO. He also commended the energy firm for continuously tapping the equities market as a funding source to boost its renewable energy portfolio. The company raised Php 30.32 billion and P11.58 billion from the stock market in 2021 and 2022, respectively.
"This oversubscribed offering, at a time when other companies are putting off their capital raising plans, speaks of the level of trust that investors have in ACEN, and their confidence at how the company is working towards the achievement of its vision and strategic initiatives, including its target of having 20 gigawatts of renewable capacity by 2030," Mr. Monzon said.