Raslag Corp. plans P805-million initial public offer
RASLAG Corp. is planning to list on the stock market next month with an P805-million initial public offering (IPO) to fund its solar power projects.
According to the Securities and Exchange Commission (SEC), the company filed a registration statement last year, Dec. 24, 2021.
The company is planning to sell 350 million primary common shares for as much as P2 apiece, along with an overallotment option of 52.5 million secondary common shares owned by J Ten Equities, Inc.
“The Company will not receive any proceeds from the sale of secondary common shares by the Selling Shareholder,” Raslag said in its preliminary prospectus dated Dec. 20.
The company may raise up to P700 million from the sale of its primary shares.
Net proceeds will be used to fund the balance of its Pampanga Solar Power Project Phase IV (RASLAG-4) land installment payments covering April to October this year, to finance the equity portion of the project’s development and construction, for the funding of the pre-development work of the company’s pipeline solar projects, and for general corporate purposes.
Raslag plans to conduct its offer period from March 7 to 18, while its listing at the main board of the Philippine Stock Exchange (PSE) is tentatively set to March 28. The company will list under ticker symbol “ASLAG.”
The company tapped China Bank Capital Corp. to be the sole issue manager, sole underwriter, and sole bookrunner of the offer. — Keren Concepcion G. Valmonte
