Renewable energy firm Raslag Corp. said is setting its initial public offering (IPO) price at P2 apiece, potentially raising for the company P805 million.
Raslag will offer to the public up to 402.5 million shares, divided into 350 million primary shares and another 52.5 million secondary shares owned by shareholder J Ten Equities Inc.
It eyes to be listed and traded on the Main Board of the Philippine Stock Exchange.
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.
It plans to hold its IPO on May 23 to 27, with listing eyed on June 6.
China Bank Capital Corp. will serve 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, the business development manager of Angeles Power Inc. It is focused on the development of solar power projects, with two operating in Pampanga.
