Investment & Capital Corporation of the Philipppines (ICCP) led the successful initial public offering (IPO) of pioneer renewable energy company Alternergy Holdings Corporation last March 24, 2023. ICCP was the sole issue coordinator, joint issue manager and lead underwriter for the P1.61-billion IPO.
ICCP sees more local companies tapping the capital markets to finance ‘green’ operations and their ESG programs. According to ICCP President and Chief Executive Officer Valentino S. Bagatsing, “Regionally, there is a desire for banks and funds to support projects that are ESG responsive and slowly a premium on these kinds of projects is emerging as the correlation between
sustainable governance and risk mitigation becomes evident.”
ICCP has had its share of ESG-related transactions. Before the Alternergy IPO, ICCP was also a participating underwriter in the P6.4-billion IPO of Citicore Energy REIT (C-REIT), the country’s first energy REIT. It was also the sole underwriter of low-cost housing developer Haus Talk, Inc. for its P750-million listing at the Philippine Stock Exchange’s Small, Medium and Emerging Board.