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Manila Bulletin devider Business devider The Stock Market devider NexGen Energy plans P580-M IPO

NexGen Energy plans P580-M IPO

Published May 20, 2024 08:21 am

NexGen Energy Corporation, a renewable energy subsidiary of Pure Energy Holdings Corporation (PEHC) focused on tapping wind and solar power, is planning an initial public offering (IPO) of its shares worth up to P579.6 million.

In its registration statement filed with the Securities and Exchange Commission (SEC), NexGen said it is offering up to 300 million primary common shares with an overallotment option of 45 million secondary shares owned by PEHC at an offering price of up to P1.68 per share.

NexGen has tapped China Bank Capital Corporation to be the sole issue manager and bookrunner of the Offer, as well as joint lead underwriter with Investment & Capital Corporation of the Philippines.

The common shares will be listed and traded on the Small, Medium, and Emerging (SME) Board of the Philippine Stock Exchange (PSE) under the trading symbol XGen.

Up to 20 percent or 60 million primary shares are being allocated to all PSE trading participants while up to 10 percent or 30 million of the primary offer shares are being offered under the Local Small Investors Program of the PSE. 

At least 70 percent or 210 million primary offer shares are set aside for the institutional offer and are being offered for sale to certain qualified buyers and other investors in the Philippines by the Joint Lead Underwriters.

After completion of the Offer, a total of up to 1.49 billion NexGen Common Shares will be issued and outstanding. The Offer Shares will correspondingly represent approximately 20.13 percent and 23.15 percent, of the issued and outstanding Common Shares of the Company, assuming the non-exercise and full-exercise of the Overallotment Option, respectively.

The estimated gross proceeds to be raised by the company from the sale of the firm's shares, assuming an Offer Price of up to ₱1.68, will be approximately P504 million, and the estimated net proceeds will be approximately P476.3 million. 

NexGen intends to use the net proceeds from the offer to partially fund the equity portion of the Zambales 2 solar project, Silang Maragondon wind project and the Asisan wind project; fund the development and/or acquisition of renewable energy projects; fund operating and working capital requirements; and fund the development of the power facilities for a climate controlled indoor farm. 
 

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