NexGen Energy Corp., a renewable energy corporation with a diverse basket of solar and wind service contracts, said it received strong demand from investors for its initial public offering from July 1 to July 8.
It said while the offer period was short due to time constraints and the approaching ghost month, the IPO was oversubscribed, with investors taking up 315 million shares at P1.68 per share.
Under the terms of the IPO, 300 million primary common shares were sold at P1.68 per share.
XG said it received commitments from various investors to purchase all primary common shares available for the offering. To accommodate the greater-than-expected investor demand, XG sold an additional 15 million shares from its over-allotment option.
The company is raising P504 million in gross proceeds from the IPO.
“As we move closer to our listing date in the Philippine Stock Exchange, we are grateful to all who supported the IPO because it demonstrates the confidence in XG’s management team to develop and manage the company’s long-term growth prospects,” XG president and chief executive Eric Peter Roxas said.
“The IPO will be a key milestone in XG’s history, given it would provide much-appreciated financing to fulfill our expansion plans, and our investors will be key to us to succeed in our objectives,” he said.
