Home Top News PSE approves listing of NexGen Energy IPO shares

PSE approves listing of NexGen Energy IPO shares

0 comment

THE Philippine Stock Exchange (PSE) has approved NexGen Energy Corp.’s application for initial listing under the bourse operator’s small, medium, and emerging board.

The approval covers NexGen Energy’s application for the initial listing of up to 1.49 billion common shares, which include the shares intended for its initial public offering (IPO), the PSE said in a notice on Monday.

The IPO consists of a primary offer of up to 300 million common shares and an overallotment option consisting of up to 45 million secondary common shares, at an offer price of up to P1.68 per share.

The listing is scheduled for July 16, with the offer period running from July 1 to 8.

Based on its preliminary prospectus dated June 21, NexGen Energy expects to generate P478.4 million worth of net proceeds at the maximum offer price of P1.68 per share.

The proceeds will be used to partially finance its renewable energy projects in Zambales, Cavite, and other regions.

Earlier in the month, NexGen Energy secured the approval of the Securities and Exchange Commission for the planned IPO.

NexGen Energy has tapped Chinabank Capital Corp. as the sole issue manager and sole bookrunner, with Investment & Capital Corp. of the Philippines serving as joint lead underwriter for the offer.

If the timeline is met, NexGen Energy will be the third IPO this year, following OceanaGold (Philippines), Inc. and Saavedra-led Citicore Renewable Energy Corp.

Pure Energy, the parent company of NexGen Energy, is a holding company that has assets in hydropower, solar, wind, geothermal, as well as bulk water and distribution facilities.

Established in 2017, NexGen Energy currently manages three solar plants via its subsidiary SPARC — Solar Powered Agri-rural Communities Corp., with an aggregate capacity of 13.859 megawatts-peak.

The company also has two other main subsidiaries, 5hour Peak Energy Corp. and Airstream Renewables Corp., which are engaged in solar and wind projects, respectively.

NexGen Energy aims to develop 1,683 MW of ground-mounted and floating solar plants, and onshore and offshore wind projects in the next five years. — Revin Mikhael D. Ochave

Related Posts

Leave a Comment