Renewable energy firm NexGen Energy Corp. is looking to raise as much as P579.6 million through an initial public offering.
A sister company of listed Repower Energy Development Corp. (REDC), NexGen eyes to sell to the public 340 million shares divided into an initial 300 million primary shares and another 45 million secondary shares, owned by Pure Energy Holdings Corp., covering the overallotment option at an offer price of up to P1.68 apiece.
The offered shares will comprise 23.15 percent of the company’s issued outstanding shares of stocks, including the greenshoe option, post-IPO.
The company will list in the Philippine Stock Exchange’s Small, Medium and Emerging Board.
NexGen will raise as much as P504 million out of the primary shares component of the share sale, which it said will be used to partially fund the equity portion of its Zambales 2 solar project, Silang Maragondon wind project and the Asisan wind project.
The fund will also be used to fund the development or acquisition of renewable energy projects as well as operating and working capital requirements and the development of the power facilities for a climate controlled indoor farm.
