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Manila Bulletin devider Business devider RE firm secures regulatory approvals on stock offering

RE firm secures regulatory approvals on stock offering

Published Jun 30, 2024 04:00 pm

At A Glance

  • Turning to investors in the stock market is one of the strategies being pursued by project-sponsors of RE facilities so they can partly raise funding for the commercial development of their targeted installations. <br> 

Filipino-led renewable energy (RE) firm NexGen Energy Corp. (XG) had secured regulatory approvals for its initial public offering (IPO), which will wind up at its July 16 listing at the local bourse.

The company announced that it cornered both the go-signal of the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) for its stock offering.

The company will start its shares offer by July 1 and that will conclude by July 8; then listing at the stock market will follow on July 16.

NexGen emphasized that it will offer to the public up to 300 million shares at an approved price of P1.68 per share.

“There will be an over-allotment option that would allow for the sale of up to 45 million secondary common shares,” the RE firm stressed.

At the targeted scale of issue and the over-allotment option, NexGen could potentially raise up to P579.6 million proceeds.

The sole issue manager, joint lead underwriter and sole bookrunner for the IPO will be China Bank Capital Corporation; while Investment & Capital Corporation of the Philippines will serve as joint lead underwriter.

NexGen is lining up pure clean technology deployment play for solar and wind farm installations, which is very much aligned with the RE Development Roadmap being advanced by the government.

The company currently has three solar farms that are already operating; and it is eyeing buildout of additional 1,500 megawatts of solar and wind power facilities moving forward – although the project-sites and offtake arrangements had not been specified at this time.

On top of that, the company indicated that it will also develop power facilities for its parent firm, Pure Energy Holdings Corporation, primarily to underpin its venture into agricultural technology (AgTec), which is climate-controlled type of indoor farming and touted as the future of the agriculture sector.

Turning to investors in the stock market is one of the strategies being pursued by project-sponsors of RE facilities so they can partly raise funding for the commercial development of their targeted installations.

Related Tags

solar plants Initial Public Offering (IPO) wind farm projects fund raising NexGen Energy Corp
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