SEC approves NexGen Energy’s ₱580M IPO, trading as ‘XGen’ in July

June 6, 2024
9:53AM PHT

The Securities and Exchange Commission (SEC) approved NexGen Energy Corp.’s initial public offering (IPO), which is raising as much as P580 million in the country’s third new listing this year.

The offer involves as much as 23 percent of the company, comprising 300 million common shares at up to P1.68 each and an overallotment option of 45 million shares from controlling shareholder Pure Energy Holdings Corp. of the Tiu family.

July offer 

The target IPO pricing is on June 24 this year while the offer period is expected to run from July 1-8, its latest deal prospectus showed.

NexGen Energy aims to list on the Philippine Stock Exchange under the trading symbol “XGen” on July 16.

It tapped Sy-led China Bank Capital Corp. as the sole issue manager and sole bookrunner for the offer.

Investment & Capital Corp. of the Philippines will also serve as joint lead underwriter.

Zambales expansion 

The IPO is expected to raise up to P478.4 million, which will be used to partially finance its renewable energy projects in Zambales, Cavite, and other parts of the country.

Established in 2017, NexGen Energy operates three solar plants with a capacity of 13.859 MW and has subsidiaries engaged in solar and wind projects.

NexGen Energy’s shares will be listed on the Small, Medium, and Emerging Board of the PSE.

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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