SEC greenlights P580M IPO of NexGen Energy

SEC, NexGen

The Securities and Exchange Commission (SEC) is greenlighting the initial public offering (IPO) of NexGen Energy Corporation, amounting to Php 580 million.

In a report by Manila Standard, the SEC confirmed the approval of NexGen Energy’s registration statement for 1.49 billion shares provided that all outstanding conditions are fulfilled.

The energy company intended to sell 300 million common shares to the public at a maximum price of Php 1.68 per share. Should there be oversubscription, Pure Energy Holdings Corporation, the majority shareholder, will offer up to 45 million extra shares at the same rate.

With intentions to establish solar and wind projects that would offer a capacity of over 2,350 megawatts (MW) within the next 10 years, the company will utilize the funds raised from the offering to support its renewable energy projects in Zambales, Cavite, and other parts of the country.

Additionally, for the offering, the company selected China Bank Capital Corporation as the sole issue manager and bookrunner, with Investment & Capital Corporation of the Philippines acting as the joint lead underwriter.

Meanwhile, NexGen, through its subsidiary Airstream, is managing eight wind energy service contracts (WESC) and is in the process of consolidating four more. The company’s shares will be available for listing and trading on the Small, Medium, and Emerging Board of the Philippine Stock Exchange.

NexGEN’s portfolio included three primary subsidiaries: SPARC-Solar Powered Agri-rural Communities Corporation, which ran three solar farms in Zambales, Bataan, and Bulacan; 5Hour Peak Energy Corporation, which handled solar projects with a total capacity of 1,000-megawatt peak (MWp); and Airstream Renewables Corporation, which oversaw a variety of onshore and offshore wind projects with a combined capacity of 1,330 MW.

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