The Philippine Stock Exchange (PSE) has approved the initial public offering (IPO) application of Raslag Corporation, which will be listed under the symbol ASLAG on June 6.
The Pampanga-based solar power producer will hold its IPO from May 23 to 27, 2022, and will offer up to 350 million primary shares and up to 52.5 million over-allotment with a price of Php 2.00 per share.
The final offer price was expected to be determined this Wednesday, but no announcement was made at the close of business hours.
“We welcome the IPO of Raslag as this will help grow the lineup of companies in the renewable energy (RE) space that [is] listed on the PSE. Providing RE firms an avenue to raise capital for its projects is one of the ways by which we can help address the threat of climate change as an Exchange,” PSE President and CEO Ramon Monzon said in a statement.
Raslag is seen to acquire around Php647.54 million in net proceeds from the IPO. The company has tapped Sage Solutions Philippines Inc. as its financial advisor and China Bank Capital Corporation as its sole issue manager, sole underwriter, and sole book-runner.
Proceeds from the IPO will be used to pay for the equity portion of the development and construction of the 35.2-megawatt-peak (MWp) RASLAG-4 solar power plant and the predevelopment work of the 60MWp RASLAG-5 solar plant.
Raslag is currently securing land areas and development works, as well as permits for RASLAG-4 in Magalang, Pampanga. The construction of the project is targeted for the second quarter of 2023, while commercial operations are slated for March 2024.
Meanwhile, RASLAG-5 is targeted to be built within the next five years in neighboring Mexico town.
Raslag is the brainchild of power industry veteran Engr. Peter Nepomuceno.