NEXGEN Energy Corp. has obtained approval from the Securities and Exchange Commission (SEC) to sell its initial public offering (IPO) shares, with the offer period set to begin on Monday, July 1.
The SEC permit to sell is one of the regulatory approvals needed to list the company’s shares on the Philippine Stock Exchange (PSE), NexGen Energy said in an e-mailed statement over the weekend.
The company obtained regulatory approval from the PSE on June 24 to list its shares.
The IPO comprises 300 million primary common shares and an overallotment option of up to 45 million secondary common shares at P1.68 per share.
The offer period will run from July 1 to July 8, with the listing date set for July 16, as detailed in the company’s final prospectus dated June 27.
NexGen Energy’s shares will be traded on the PSE’s small, medium, and emerging board.
NexGen Energy will become the third company to go public in 2024, following OceanaGold (Philippines), Inc. and Citicore Renewable Energy Corp.
Chinabank Capital Corp. acts as the sole issue manager, joint lead underwriter, and sole bookrunner, with Investment & Capital Corp. of the Philippines serving as joint lead underwriter.
Specializing in wind and solar energy, NexGen Energy currently operates three solar farms and has a pipeline of over 1.5 gigawatts in wind and solar projects.
It is a wholly owned subsidiary of Pure Energy Holdings Corp., an investment holding company engaged in renewable energy, bulk water, distribution, and septage facility.
Among its sister companies are Repower Energy Development Corp. and Tubig Pilipinas Group, Inc., which develops, owns and operates eight run-of-the-river hydropower plants and 13 bulk water, distribution and septage facilities, respectively.
NexGen Energy will also develop power facilities for Pure Energy in relation to this venture into agricultural technology, specifically climate-controlled indoor farming. — Revin Mikhael D. Ochave
