THE Philippine Stock Exchange, Inc. (PSE) announced that it cleared the initial public offering (IPO) application of Raslag Corp.

The energy company will offer up to 350 million primary shares priced at up to P2.00 per share with an over-allotment option of up to 52.50 million. It expects to net P648.08 million from the offer, while the over-allotment could bring P105 million.

The final offer price will be determined on May 18 after the company’s book-building exercise. The IPO is scheduled from May 23 to 27.

“We welcome the IPO of Raslag as this will help grow the lineup of companies in the renewable energy (RE) 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 Chief Executive Ramon S. Monzon said in a statement.

Proceeds from the offer will be used to pay for the equity portion of its solar projects, including the development and construction of RASLAG-4, a 35.1-megawatt (MW) solar photovoltaic plant and the pre-development work for RASLAG-5’s around 60 MW capacity.

The company tapped China Bank Capital Corp. as sole issue manager, underwriter, and bookrunner for the offer.

Raslag is a domestic renewable energy developer founded by Peter G. Nepomuceno in Angeles City, Pampanga, and Conrado D. Pecjo, the business development manager of Angeles Power, Inc.

In 2021, the energy firm completed and commercially operated its 10.046-MW-peak RASLAG 1 project.

The embedded generator has 38,640 panels of polycrystalline panels to achieve an annual generation of 14.25 million kilowatt-hour (kWh) from January to December 2021.

The company said it aims to foster “competitive prices against conventional energy sources that are reliable, sustainable, economical and environmentally friendly.”

“Raslag envisions to become one of the front-runners in accelerating the world’s transition to better and greener alternatives centered in giving the power back in the hands of the people,” it added. — Luisa Maria Jacinta C. Jocson