The Philippine Stock Exchange has approved the planned initial public offering (IPO) of renewable energy producer Raslag Corporation worth up to P700 million.
The solar power company will offer up to 350 million primary shares and up to 52.50 million over-allotment option shares at a price of up to P2.00 per share. The over-allotment shares will be offered by selling shareholder J Ten Equities, Inc.
In a statement, the PSE said Raslag is scheduled to hold its IPO from May 23 to 27, 2022. The final offer price will be determined on May 18, 2022 after the company’s book building exercise.
“We welcome the IPO of Raslag as this will help grow the lineup of companies in the renewable energy (RE) space that are listed on the PSE,” said PSE President and CEO Ramon S. Monzon.
He added that, “Providing RE firms an avenue to raise capital for its projects is one of the ways by which we can help address the threat of climate change as an Exchange.”
Proceeds from the IPO will be used by the company to pay for the equity portion of RASLAG-4’s development and construction and for the pre-development work for RASLAG-5 and other pipeline solar projects.
Raslag is a domestic renewable energy developer founded by Peter G. Nepomuceno of the Nepomuceno family in Angeles City, Pampanga, and Conrado D. Pecjo, the business development manager of Angeles Power, Inc.
The firm currently focuses on the development of solar power projects, with two already operating in Pampanga.