The Philippine Stock Exchange Inc. (PSE) has cleared the P700-million initial public offering (IPO) of Raslag Corp., a renewable energy developer.
Raslag is scheduled to hold its IPO from May 23 to 27. The solar power company will offer up to 350 million primary shares and up to 52.5 million over-allotment option shares to be offered by selling shareholder J Ten Equities Inc., at an indicative price of up to P2 per share.
The final offer price will be determined on May 18, after the company’s book building exercise.
“We welcome the IPO of Raslag as this will help grow the lineup of companies in the renewable energy space that are 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 S. Monzon said.
Proceeds from the offer will be used to finance the company’s solar projects, namely RASLAG-4, a 35.1-megawatt solar photovoltaic plant in Magalang, Pampanga, and RASLAG-5, with an approximate capacity of 60 MW
Raslag is a domestic renewable energy developer founded by Peter G. Nepomuceno of the Nepomuceno family in Angeles City, Pampanga, and Conrado D. Pecjo, the business development manager of Angeles Power Inc. It currently focuses on the development of solar power projects, with two operating in Pampanga.
The company tapped China Bank Capital as sole issue manager, underwriter and bookrunner for the offer.