Investors cheered the third initial public offering of 2024 as Tiu family-led NexGen Energy Corp. (XG) opened 4.76 percent higher at P1.76 each on its trading debut on Tuesday.
The stock jumped as much as 9.5 percent apiece minutes after the open. It is trading at about P1.73 per share percent as of this writing.
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
XG is the third listing this year after OceanaGold Philippines and tycoon Edgar Saavedra’s Citicore Renewable Energy.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
