NexGen Energy eyes P580-m IPO at P1.68 per share
By Jenniffer B. Austria – May 20, 2024, 8:40 pm
from manilastandard.net
NexGen Energy Corp., a wholly-owned subsidiary of Tiu family’s Pure Energy Holdings Corp. (PEHC), plans to raise up to P580 million from an initial public offering (IPO) in July 2024.
Based on its filing with the Securities and Exchange Commission, NexGen will sell 300 million primary common shares and up to 45 million secondary shares at an offer price of up to P1.68 apiece.
The renewable energy company tapped China Bank Capital and Investment Capital Corp. of the Philippines as joint lead underwriters for the offering.
If its plan pushes through, NexGen will be the third company to conduct an IPO this year.
Mining firm OceanaGold Philippines Inc. was listed in the main board of the PSE on May 13, while Citicore Renewable Energy Corp. is scheduled to list on June 7.
The Philippine Stock Exchange said NexGen plans to list its shares on July 8.
NexGen earlier said it was preparing for an IPO to raise funds for its renewable energy projects in the pipeline.
The company is developing solar and wind projects with a capacity of over 2,350 megawatts over the next 10 years.
NexGen was established on June 7, 2017, to be the wind, solar and agriculture technology development arm of PEHC.
The company has three main subsidiaries, including SPARC-Solar Powered Agri-rural Communities Corp., which operates three solar farms in Zambales, Bataan and Bulacan; 5Hour Peak Energy Corp., which has a pipeline of over 1,000 MWp of solar projects; and Airstream Renewables Corp., which has a pipeline of up to 1,330 MW of onshore and offshore wind projects.
NexGen also has eight wind energy service contracts (WESC) under Airstream, with four more WESCs in the process of being consolidated into Airstream.
NexGen’s parent company, PEHC, is a holding company established to be in the business of investing in and providing essential resources for the developmental growth of the country, driven by the vision to make available renewable energy and clean water to every Filipino.
The Tiu family owns several listed companies including Repower Energy Development Corp., which was listed in 2023 and Discovery World Corp.
