Nexgen Energy Corp., a renewable energy developer focused on wind and solar energy, plans generating as much as P579.6 million from a proposed initial public offering (IPO) at the Philippine Stock Exchange.
Nexgen told the Securities and Exchange Commission of selling up to 300 million primary common shares with provisions for over-allotment of 45 million secondary shares at an indicative price of P1.68 apiece.
The final offer price is set by a book-building process and discussions among the company, the selling shareholder and the joint lead underwriters.
The shares will be listed at the small, medium and emerging board of the PSE, tentatively set on July. It expects regulatory approval around June this year.
Nexgen has 1.19 billion in issued and outstanding common shares with a par value of P0.10.
China Bank Capital Corp. has been picked as sole issue manager and bookrunner. The Investment and Capital Corp. of the Philippines was designated joint lead underwriter.
IPO proceeds will partially fund the Zambales 2 solar, the Silang Maragondon wind and the Asisan wind projects.
Last year, Nexgen reported profits of P21.16 million, a turnaround from prior year’s loss of P22.79 million.
Electricity sales last year fell to P130.18 million, down 15 percent from prior year’s P152.99 million.
NexGen, formerly Just Solar Corp., was established in 2017 as wind and solar power development company of Pure Energy Holdings Corp.
Its subsidiary companies include SPARC-Solar Powered Agri-rural Communities Corp., 5Hour Peak Energy Corp. and Airstream Renewables Corp.
