All systems go for Solar PH IPO | Inquirer Business
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All systems go for Solar PH IPO

/ 12:21 PM November 17, 2021
Solar farm in Tarlac

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.

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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.

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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.

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TAGS: Business, initial public offering, solar energy
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