SEC Clears NexGen Energy Corp. IPO

The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) of NexGen Energy Corp.

In its meeting on June 4, the Commission En Banc resolved to render effective the registration statement of NexGen Energy covering 1,490,000,003 shares, subject to the company’s compliance with certain remaining requirements.

NexGen Energy will offer to the public 300 million common shares at up to P1.68 apiece. As part of the overallotment option, selling shareholder Pure Energy Holdings Corporation will offer up to 45 million shares for the same price.

The company expects to net up to P478.4 million from the offer, which will be used to partially finance its renewable energy projects in Zambales, Cavite, and other parts of the country. It will not receive proceeds from the sale of the option shares to be sold by Pure Energy Holdings.

Its shares will be listed and traded on the Small, Medium, and Emerging Board of the Philippine Stock Exchange.

The company tapped China Bank Capital Corporation as the sole issue manager and sole bookrunner for the offer, with Investment & Capital Corporation of the Philippines to serve as joint lead underwriter.

Established in 2017, Nexgen Energy currently operates three solar plants through its subsidiary SPARC-Solar Powered Agri-rural Communities Corporation, with an aggregate capacity of 13.859 megawatts-peak. Its two other main subsidiaries, 5hour Peak Energy Corp. and Airstream Renewables Corp., are engaged in solar and wind projects, respectively.

​NexGen Energy is a wholly owned subsidiary of Pure Energy Holdings Corporation. NexGen Energy is reinventing the wind and solar industry in the Philippines by deploying its utility-scale projects in embedded areas, thereby reducing transmission losses and empowering Distribution Utilities by introducing high-performance systems, streamlined operations, and focused engineering. The goal is to provide clean, sustainable and reliable wind energy and peak solar at a reasonable cost for the benefit of the surrounding communities where the company’s projects are located.