Solar energy developer Raslag Corp. is set to start its initial public offering on May 23, one day ahead of the earlier announced timetable.
The offer period will run until May 27 while the listing of the shares has been set on June 6.
Founded by its president Peter Nepomuceno, Raslag will offer
as much as 350 million common shares at a maximum price of P2 per share, with an over allotment option of up to 52.5 million shares to be offered by selling shareholder J Ten Equities Inc.
Proceeds from the offering amounting to P805 million will be used to finance the company’s solar projects, namely RASLAG-4, a 35.1-megawatt solar photovoltaic plant in Magalang, Pampanga, and RASLAG-5, with a capacity of about 60 megawatts.
China Bank Capital Corporation as sole issue manager, sole underwriter, and sole bookrunner for the offer.
Nepomuceno, who built Angeles Electric Corp. into one of the largest power distributors in Luzon, is looking to put up multiple renewable energy projects in various locations and deploy energy technologies that will enhance its business and maximize the potential for clean energy in the country.
Raslag aims to boost its generation capacity nearly six-fold in the next five years and more than 10 times within 10 years.