All systems go for Solar PH IPO

A view of the company’s existing solar farm in Tarlac.

MANILA — It’s all systems go for the initial public offering of the country’s first solar energy pure-play, targeted this December.

Solar Philippines Nueva Ecija Corp. (SPNEC), developer of a 500-megawatt solar project touted to be the largest of its kind in Southeast Asia, has obtained the green light from corporate regulators to proceed with its P2.7 billion IPO.

SPNEC is a subsidiary of Solar Philippines, the company founded and chaired by young entrepreneur, 28-year-old Leandro Leviste.

The Philippine Stock Exchange (PSE), operator of the local bourse, and the Securities and Exchange Commission (SEC), the corporate regulator, cleared SPNEC’s offering.

This comprises up to 2.7 billion primary common shares at a price of P1 per share on Dec. 1 to 7, which will bring about a third of the company to public hands.

The final offer price will be determined on November 23 after a book-building process. The tentative listing date is December 17, 2021.