Solar Philippines Nueva Ecija Corp.’s (SPNEC) initial public offering (IPO) attracted strong interest, making the share sale 2x oversubscribed.
The company is set to list its shares on Friday, December 17.
“SPNEC’s IPO was oversubscribed, receiving P5.3 billion in orders for the P2.7 billion offering, with strong demand from investors who want exposure to the first pure-play solar company to list on the PSE,” IPO underwriter Abacus Capital and Investment Corp. said.
“The oversubscription comes as the company’s IPO was already sized at the maximum of its indicative range of up to 2.70 billion shares at up to P1 per share, which would result in SPNEC having a market capitalization of P8.12 billion,” Abacus Capital said.
SPNEC said the proceeds will be used to complete the first 50 MW of SPENC’s project Brgy. Penaranda Nueva Ecija, and acquire land to expand the project beyond its 500 MW target.
SPNEC plans to start construction of the project before the end of 2021.
