NexGen Energy Corporation (“XG”), a renewable energy corporation with a diverse basket of solar and wind service contracts, conducted its initial public offering (“IPO”), with an offer period from 1 to 8 July.
Although the offer period was basically relatively short due to time constraints and the approaching ghost month, the Company’s IPO was oversubscribed with investors taking up 315 million shares at P1.68 per share.
Under the terms of its IPO, 300 million primary common shares were sold at P1.68 per share. XG received commitments from various investors to purchase all primary common shares available for the offering. To accommodate the greater-than-expected investor demand, XG sold an additional 15 million shares from its over-allotment option.
As it stands, XG is raising P504 million in gross proceeds from its IPO.
“As we move closer to our listing date in the Philippine Stock Exchange, we are grateful to all who supported the IPO because it demonstrates the confidence in XG’s management team to develop and manage the company’s long-term growth prospects,” Eric Peter Y. Roxas, president and CEO of XG, said. “
“The IPO will be a key milestone in XG’s history, given it would provide much-appreciated financing to fulfill our expansion plans, and our investors will be key to us to succeed in our objectives.”
