NexGen sets IPO price at P1.68, offer period starts July 1

By Jenniffer B. Austria – June 26, 2024, 8:30 pm
from manilastandard.net

Renewable energy firm NexGen Energy Corp. set the final price for its P580-million initial public offering (IPO) at P1.68 per share.

NexGen said in a letter to the Philippine Stock Exchange (PSE) it also set the final number of offer shares at 300 million primary shares with an overallotment option for another 45 million secondary shares.

The offer period will run from July 1, 2024 to July 8, 2024. The shares will be listed on the Small, Medium and Emerging Board of the PSE on July 16, 2024 under the trading symbol “XG”.

NexGen said it would use the proceeds from the IPO to partially finance its renewable energy projects in Zambales, Cavite and other parts of the country.

The company is developing solar and wind projects with a capacity of over 2,350 megawatts over the next 10 years.

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-MW peak of solar projects; and Airstream Renewables Corp., which has a pipeline of up to 1,330 MW of onshore and offshore wind projects.

NexGen was established on June 7, 2017 to be the wind, solar and agriculture technology development arm of Pure Energy Holdings Corp. (PEHC).

PEHC, owned by the Tiu family, is a conglomeration of hydropower, solar, wind and geothermal assets as well as bulk water and distribution facilities.

NexGen will be the third company to list in the stock exchange this year after OceanGold (Philippines) Inc. and Citicore Renewable Energy Corp. (CREC)

Several renewable energy firms also listed in the PSE in recent years including SP New Energy Corp., NexGen’s sister company Repower Energy Development Corp. (REDC), Alternergy Holdings Corp. and CREC.