Tiu hurdles SEC approval to debut another firm

Tiu hurdles SEC approval to debut another firm

MANILA, Philippines — Another renewable energy firm of businessman Dexter Tiu will go public after the Securities and Exchange Commission (SEC) approved the firm’s P500-million initial public offering (IPO), making it the local bourse’s third IPO this year amid volatile market conditions.

The corporate watchdog on Thursday said it had approved the registration statement of NexGen Energy Corp., a subsidiary of Tiu’s Pure Energy Holdings Corp., covering 1.49 billion shares.

NexGen plans to offer 300 million common shares at up to P1.68 each. In case of strong demand, another 45 million shares would be sold.

ADVERTISEMENT

READ: SEC eases rules for energy IPOs

FEATURED STORIES

According to the SEC, money raised from the IPO would be used to partially fund the development of NexGen’s renewable energy projects in the provinces of Zambales and Cavite and “other parts of the country.”

July 16 listing

China Bank Capital Corp. was tapped as the sole issue manager and sole bookrunner for the offer, while Investment & Capital Corp. of the Philippines will be the lead underwriter.

Based on its May 31 preliminary prospectus, the offer period will run from July 1 to July 8. NexGen aims to list its shares on the small, medium, and emerging board of the Philippine Stock Exchange (PSE) on July 16.

Compared with the main board which is meant for trading of shares of larger companies, the SME board allows the trade of shares in small and medium enterprises.

Once the share sale is also approved by the PSE, NexGen will be the third to go public this year after mining firm OceanaGold Philippines and power company Citicore Renewable Energy Corp. (CREC).

NexGen will also be the second Tiu-led company to debut on the local bourse since last year. In June 2023, Repower Energy Development Corp., another Pure Energy subsidiary, raised P1.15 billion from its IPO.

ADVERTISEMENT

READ: Tiu-led Repower gains on stock trading debut

NexGen, through subsidiary SPARC-Solar Powered Agri-rural Communities Corp., is the operator of three solar power plants in the Philippines with an aggregate capacity of 13.85 megawatts-peak.

Its other units, 5hour Peak Energy Corp. and Airstream Renewables Corp., also operate solar and wind projects.

In an earlier statement, NexGen said it planned to build its portfolio to 2,350 megawatts in the next 10 years.

The PSE expects to see up to P40 billion worth of equity deals from at least six IPOs this year.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

OceanaGold, this year’s curtain-raiser, raised P6.08 billion from its IPO in May. The IPO of Edgar Saavedra-led CREC, which will list on Friday, is valued at P5.5 billion.

TAGS: Dexter Tiu, Securities and Exchange Commission (SEC)

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.