The Securities and Exchange Commission has considered favorably the initial public offering of NexGen Energy Corp., a renewable energy developer focused on wind and solar energy.
The SEC approved the registration of 1.49 billion shares subject to NexGen Energy’s compliance with the remaining requirements.
NexGen Energy will offer 300 million common shares at up to P1.68 apiece. As part of the overallotment option, selling shareholder Pure Energy Holdings Corp. will offer up to 45 million shares at the same price.
The company expects to net up to P478.4 million from the share sale which will partially finance renewable energy projects in Zambales, Cavite, and other parts of the country. It will not receive proceeds from the sale of the option shares sold by Pure Energy.
The company tapped China Bank Capital Corp. as sole issue manager and bookrunner Investment & Capital Corporation of the Philippines as joint lead underwriter.
Last year NexGen Energy generated profits of P21.16 million, a turnaround from year earlier loss of P22.79 million.
Its electricity sales totaled only P130.18 million, down 15 percent from previous year’s P152.99 million.
NexGen, formerly Just Solar Corp., was established in 2017 as wind and solar power development company of Pure Energy.
Its three main subsidiaries include SPARC-Solar Powered Agri-rural Communities Corp., 5Hour Peak Energy Corp. and Airstream Renewables Corp.
