Raslag shares up 2.5% on listing day

Published June 6, 2022, 3:29 PM

by James A. Loyola

Renewable energy producer Raslag Corporation has successfully listed its shares are the Philippine Stock Exchange following its P700 million initial public offering.

Raslag shares opened at its high of P2.48 per share before slowly declining to its closing price of P2.05 per share, 2.5 percent higher than its IPO price of P2.00 per share.

Raslag logo

The solar power company offered 350 million primary shares and up to 52.50 million over-allotment option shares to be sold by shareholder J Ten Equities, Inc.

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.

PSE President & CEO Ramon S. Monzon

PSE President and CEO Ramon S. Monzon said “The Nepomuceno family is a very storied family, with a long history of entrepreneurial activity in Angles City and the Central Luzon area. The family has interest in utilities, education, and property, among others.”

“It seems providential that after a century in business, the family’s first company to embark on an initial public offering was very well received,” he added.

Raslag’s Local Small Investor tranche was oversubscribed by 1.5 times, with investors from 59 provinces and 15 countries and overseas territories subscribing to this maiden share sale.

“The listing of Raslag will grow the portfolio of companies in the Renewable Energy space in our stock market. As an advocate of sustainability, being a member of the Sustainable Stock Exchanges Initiative, the PSE understands the crucial need for renewables in the fight against climate change,” said Monzon.

He noted that, “This urgent need is more pronounced now due to the expected spike in carbon dioxide emissions stemming from increased activity as the world recovers from the pandemic.”