NexGen Energy Corp., owned by the Tiu family, has sold out its initial public offering (IPO) ahead of the July 16 listing under the stock symbol XG.
The company raised P504 million from the sale of 300 million shares at P1.68 each, proceeds of which will be used to expand its renewable energy portfolio, a statement on Friday showed.
The company said there was excess demand during the offer period, prompting it to sell an additional 15 million shares from parent firm Pure Energy Holdings Corp.
Based on the IPO prospectus, Pure Energy will sell up to 45 million shares, proceeds from which will go to the parent company. These shares fall under an overallotment option that will also be used to support the share price after listing.
“As we move closer to our listing date in the Philippine Stock Exchange, we are grateful to all who supported the IPO because it demonstrates the confidence in XG’s management team to develop and manage the company’s long-term growth prospects,” Eric Peter Y. Roxas, President and CEO of XG, said in a statement.
“The IPO will be a key milestone in XG’s history, given it would provide much-appreciated financing to fulfill our expansion plans, and our investors will be key to us to succeed in our objectives,” he added.
Chinabank Capital was the sole issue manager, joint lead underwriter and sole bookrunner for the IPO while Investment & Capital Corp. of the Philippines was tapped as joint lead underwriter.
