SEC approves P579.6-M NexGen Energy IPO
THE Securities and Exchange Commission (SEC) has approved NexGen Energy Corp.’s planned initial public offering (IPO), which is intended to raise up to P579.6 million.
The SEC en banc recently approved the registration statement of NexGen Energy, covering 1.49 billion shares, the commission said in a statement on Thursday.
NexGen Energy’s IPO will consist of 300 million common shares priced at up to P1.68 each, while selling shareholder Pure Energy Holdings Corp. will offer up to 45 million shares at the same price as part of the overallotment option.
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.
The projected offer period is set from July 1 to 8, with listing on the Philippine Stock Exchange (PSE) scheduled for July 16, according to the company’s preliminary prospectus dated May 31.
If realized, NexGen Energy will be the third company to go public this year, following OceanaGold (Philippines), Inc. and Saavedra-led Citicore Renewable Energy Corp.
NexGen Energy anticipates netting up to P478.4 million from the offer, which will be used to partially finance its renewable energy projects in Zambales, Cavite, and other regions across the country. It will not receive proceeds from the sale of the overallotment option shares by Pure Energy.
The company’s shares will be listed and traded on the small, medium, and emerging board of the PSE.
For the offer, NexGen Energy has appointed Chinabank Capital Corp. as the sole issue manager and sole bookrunner, with Investment & Capital Corp. of the Philippines serving as joint lead underwriter.
Established in 2017, NexGen Energy currently operates three solar plants via its subsidiary SPARC — Solar Powered Agri-rural Communities Corp., with an aggregate capacity of 13.859 megawatts-peak (MWp).
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