PSE approves NexGen Energy’s P580-M IPO, ticker changed to ‘XG’

The Tiu family’s NexGen Energy Corp. received clearance from the Philippine Stock Exchange to proceed with its P580-million initial public offering in July, marking the third new listing this year after OceanaGold Philippines and Citicore Renewable Energy.

In a regulatory disclosure on Monday, the exchange also approved a change in the company’s proposed stock trading symbol to “XG” from “XGen.”

Led by China Bank Capital Corp., the deal will bring a new renewable energy play into the market amid strong interest from investors.

The IPO price will be set on June 25, while the offer period will run from July 1-8 this year. The firm plans to make its trading debut on July 16, according to the PSE notice. 

Established in 2017, NexGen operates three solar plants with a capacity of 13.859 megawatts and has subsidiaries engaged in solar and wind projects. IPO proceeds will be used to partially finance its renewable energy projects in Zambales, Cavite, and other parts of the country.

It tapped Sy-led China Bank Capital as the sole issue manager and sole bookrunner for the offer. Investment & Capital Corp. of the Philippines will also serve as joint lead underwriter.