PSE greenlights NexGen IPO

MANILA, Philippines — The Philippine Stock Exchange (PSE) has cleared the initial public offering (IPO) and listing of shares of NexGen Energy Corp., which would be the third IPO for the year following OceanaGold Philippines Inc. and Citicore Renewable Energy Corp.

In a filing, the PSE said it approved NexGen’s application for the initial listing of up to 1.49 billion common shares under the Small, Medium and Emerging Board.

Established in 2017, NexGen operates renewable energy facilities in the country.

The company’s IPO, with an offer price of up to P1.68 per share, consists of 300 million common shares as its primary offering with an over-allotment option of up to 45 million secondary common shares.

Expected net proceeds of up to P478.4 million will be used by NexGen to partially fund its renewable energy projects in Zambales, Cavite and other parts of the country.

Price and dividend rate will be set on June 25, 2024. The offer period will run from July 1 to July 8, 2024, with a tentative listing eyed on July, 16, 2024.

NextGen has mandated China Bank Capital Corp. as the sole issue manager and sole bookrunner for the offer, with Investment & Capital Corp. of the Philippines tapped as joint lead underwriter.

“The exchange’s approval only relates to NexGen’s conduct of the IPO and listing of the company’s shares and is subject to compliance with any and all of the post-approval conditions and requirements of the exchange, the Securities and Exchange Commission (SEC) and other relevant regulatory bodies,” the PSE said.

The SEC also approved the planned IPO earlier this month.