SEC approves NexGen IPO

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the P478.4 million initial public offering of renewable energy developer NexGen Energy Corp.

In its June 4 meeting, the SEC resolved to render effective the registration statement of NexGen Energy covering 1.49 billion shares, subject to the company’s compliance with certain remaining requirements

A total of 300 million common shares will be offered by NexGen Energy at up to P1.68 apiece.

Selling shareholder Pure Energy Holdings Corp. will also offer up to 45 million shares for the same price as part of the overallotment option.

Expected net proceeds of up to P478.4 million will be used by the company to partially fund its renewable energy projects in Zambales, Cavite and other parts of the country.

The company will not receive proceeds from the sale of the option shares to be sold by Pure Energy Holdings.

China Bank Capital Corp. has been mandated as the sole issue manager and sole bookrunner for the offer, with Investment & Capital Corp. of the Philippines as joint lead underwriter.

NexGen Energy shares will be listed and traded on the Small, Medium, and Emerging Board of the PSE.

Through subsidiary SPARC-Solar Powered Agri-rural Communities Corp., NexGen Energy currently operates three solar plants with an aggregate capacity of 13.859 megawatts-peak.

Its two other main subsidiaries, 5hour Peak Energy Corp. and Airstream Renewables Corp., are engaged in solar and wind projects, respectively.

Pure-play renewable energy platform Citicore Renewable Energy Corp. (CREC), meanwhile will make its market debut today.

CREC’s IPO is the second for the year, following OceanaGold (Philippines) Inc.’s P6.08 billion IPO last month.

The PSE is targeting six IPOs and about P175 billion worth of capital to be raised this year.