Raslag’s IPO is approved

The Philippine Stock Exchange Inc. (PSE) has cleared the initial public offering (IPO) of 700 million pesos by Raslag Corp., a renewable energy developer.

Raslag is expected to hold its IPO from May 23-27. The solar energy company will offer up to 350 million primary shares and up to 52.5 million over-allotment option shares to be offered by selling shareholder J Ten Equities Inc., at an indicative price . price up to P2 per share.

The final offer price will be determined on May 18, after the company’s book building exercise.

“We welcome Raslag’s IPO as it will help grow the range of renewable energy companies that are listed on the PSE. Providing RE companies with a means to raise capital for their projects is one of the ways we can help address the threat of climate change as an exchange,” said PSE President and CEO Ramon S. Monzon.

The proceeds of the offering will be used to finance the company’s solar projects, namely RASLAG-4, a 35.1 megawatt solar photovoltaic power plant in Magalang, Pampanga and RASLAG-5, with an approximate capacity of 60 MW.

Raslag is a national renewable energy developer founded by Peter G. Nepomuceno of the Nepomuceno family in Angeles City, Pampanga, and Conrado D. Pecjo, the business development manager of Angeles Power Inc. It is currently focused on developing solar power projects, with two operating in Pampanga.

The company has engaged China Bank Capital as sole issue manager, underwriter and bookrunner for the offering.

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