Renewable energy company Raslag Corp. raised Php 700 million in its initial public offering (IPO) in its debut on the Philippine Stock Exchange (PSE).
Debuting under the stock symbol Aslag, the company’s IPO price rose six percent from the initial Php 2 per share to Php 2.12 per share. The company listed 1.5 billion shares on Monday.
“The listing of Raslag will grow the portfolio of companies in the Renewable Energy space in our 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. I am pleased that through this IPO, the PSE was able to support Raslag’s capital-raising activity,” PSE president and CEO Ramon Monzon said in a statement.
Monzon said that the IPO was welcomed among Local Small Investors (LSI), whose tranche was oversubscribed by 1.5 times.
RASLAG-4 is expected to begin construction in the second quarter of 2023, while commercial operations are slated for March 2024.
Raslag Corp. is the brainchild of power industry veteran Engr. Peter Nepomuceno.
