Share prices of renewable firm Raslag Corp. closed up P0.05 to P2.05 yesterday, its maiden listing day.
Raslag raised through the public P805 million after selling 402.5 million shares divided into 350 million primary shares and another 52.5 million secondary shares owned by shareholder J Ten Equities Inc.
The proceeds from the share sale will be used to finance the company’s solar projects – RASLAG-4, a 35.1-megawatt (MW) solar photovoltaic plant in Magalang, Pampanga, and RASLAG-5, with an approximate capacity of 60MW.
Ramon Monzon, PSE president, said the listing of Raslag “will grow the portfolio of companies in the renewable energy space” of the stock market.
“As an advocate of sustainability, being a member of the Sustainable Stock Exchanges Initiative, the PSE understands the crucial need for renewables in the fight against climate change. This urgent need is more pronounced now due to the expected spike in carbon dioxide emissions stemming from increased activity as the world recovers from the pandemic,” Monzon said.
“…through this IPO, the PSE was able to support Raslag’s capital-raising activity. Proceeds from this IPO will fund the equity portion of RASLAG-4’s development and construction, and the pre-development work for RASLAG-5 and other upcoming solar projects of the company. Once operational, both solar plants will have a combined 95.15 megawatt peak capacity,” he added.
The initial public offering was handled by China Bank Capital Corp. as sole issue manager, sole underwriter and sole bookrunner for the offer.
Raslag is a domestic renewable energy developer founded by Peter Nepomuceno of the Nepomuceno family in Angeles City, Pampanga, and Conrado Pecjo, business development manager of Angeles Power Inc. It currently focuses on the development of solar power projects, with two operating in Pampanga.
