NEXGEN gets permit to sell maiden public shares
XG will kick off the offer period on Monday, 1 July, and will end on Saturday, 8 July. Its common shares will have a tentative listing date of 16 July on the Philippine Stock Exchange.
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Daily TribuneXG will kick off the offer period on Monday, 1 July, and will end on Saturday, 8 July. Its common shares will have a tentative listing date of 16 July on the Philippine Stock Exchange.
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NEXGEN Energy Corp. owns and operates three solar farms with recurring net income. It has a pipeline of over 1.5 gigawatts of wind and solar projects.
Logo courtesy of NEXGEN.
Investors are set to see the third debutante of the capital market this year after NEXGEN Energy Corp. (XG), a renewable energy firm owned by businessman Dexter Tiu, secured regulatory approvals to launch a maiden public offering this year.
The company said over the weekend that it received the permit to sell from the Securities and Exchange Commission (SEC) last Friday.
Thus, XG kicked off the offer period tomorrow and will end on Saturday, 8 July. Its common shares will have a tentative listing date of 16 July on the Philippine Stock Exchange.
Under its IPO, up to 300 million common shares will be sold to the public at P1.68 per share. There will be an over-allotment option that would allow for the sale of up to 45 million secondary common shares.
China Bank Capital Corp. serves as sole issue manager, joint lead underwriter, and sole bookrunner for the offering. Investment & Capital Corp. of the Philippines also acts as joint lead underwriter.
XG is a wholly-owned subsidiary of Pure Energy Holdings Corp., an investment holding firm involved in the clean, renewable energy space. It is also a bulk water, distribution, and septage facility provider.
Among its sister companies are Repower Energy Development Corp. and Tubig Pilipinas Group Inc., which develops, owns, and operates eight run-of-the-river hydropower plants and 13 bulk water, distribution, and septage facilities, respectively.
XG presently owns and operates three solar farms with recurring net income, and has a pipeline totaling over 1.5 gigawatts of wind and solar projects.
The company will also develop power facilities for its parent company's venture into agricultural technology—specifically climate-controlled indoor farming. The design of the pilot indoor farm has just been finalized and construction will be set soon.
