IC Power PTE has filed an F-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). No terms were given in the filing, but the offering is valued up to $100 million, although this number is normally just a placeholder. The company plans to list on the New York Stock Exchange under the symbol ICP.
The original underwriters for this offering are Merrill Lynch and Credit Suisse. In this updated filing, the company added Goldman Sachs, UHS Investment Bank, HSBC, Scottabank and Credicorp Capita.
IC Power is a leading owner, developer and operator of power facilities located in key power generation markets in Latin America, the Caribbean and Israel, utilizing a range of fuels, including natural gas, hydroelectric, HFO, diesel and wind.
Currently, the principal focus is on Latin American markets, which typically have higher rates of growth of gross domestic product (GDP) and lower overall and per capita energy consumption, as compared with more developed markets. IC Power believes that economic growth in Latin American markets will drive increases in overall and per capita energy consumption and therefore require significant additional investments in power generation assets in those markets.
At the end of March 2015, the company had an installed capacity of 2,642 megawatts (MW), which it expects to increase by 1,202 MW, or 45%, to 3,844 MW by the middle of 2016, upon the completion of certain assets in advanced stages of construction.
IC Power intends to use the net proceeds that it receives in this offering, along with readily available cash:
- To develop greenfield projects
- To acquire companies or assets in the electricity sector (e.g., generation, transmission or distribution companies or assets)
- To prepay in full all obligations under its note payable to Kenon (which will be in an aggregate principal amount of up to $220 million), which note will be issued to Kenon as part of the consideration for Kenon’s contribution of ICP in connection with the reorganization
- For general corporate purposes