NexGen upbeat on growth as IPO nears

MANILA, Philippines — Renewable energy (RE) firm NexGen Energy Corp. has expressed optimism about its growth prospects as it moves a step closer to completing a P580-million initial public offering (IPO).

The company’s share offering begins today, July 1 and ends on July 8, following approvals from both the PSE and the Securities and Exchange Commission last month.

In a statement, NexGen president and CEO Eric Peter Roxas said the regulatory bodies’ approval demonstrated their confidence in the firm’s “long-term future.”

“These developments put us closer (to fulfilling) the work our various teams have put together (to make) our public listing successful. Their hard work is crucial for the success of our expansion plans in the wind and energy space,” he said.

With the listing scheduled for July 16, NexGen is poised to become the country’s third IPO this year, following OceanaGold Philippines Inc. and Citicore Renewable Energy Corp.

“We look toward our IPO as a momentous chapter in our history and as an opportunity for investors to participate in the growth story not just of the company but also in the (RE) sector,” Roxas added.

Based on its final prospectus, NexGen will offer to the public 300 million primary common shares and an over-allotment option of up to 45 million secondary shares at a price of P1.68 apiece.

Proceeds from the transaction would partially fund solar and wind projects in Zambales, Cavite and other parts of the country.

It will likewise be used to bankroll the construction and acquisition of RE projects as well as the development of power facilities for a climate-controlled indoor farm.

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

Established in 2017, NexGen currently owns and operates three solar farms and has a pipeline of more than 1.5 gigawatts of wind and solar projects.

The soon-to-be-listed company is a wholly owned subsidiary of Pure Energy Holdings Corp., which earlier announced plans to venture into artificial intelligence-powered indoor farms.