Raslag Corporation’s initial public offering (IPO) application has been approved by the Philippine Stock Exchange Incorporation (PSE). Under the IPO exercise, the company will issue 350 million primary shares at a rate of PHP2 per share, with a 52.50 million over-allotment option. Raslag expects the offer to generate around PHP648.08 million in revenue, while the over-allotment is expected to potentially generate PHP105 million.
Final offer price will be set on May 18, 2022, with the first public offering scheduled to take place from May 23 to 27, 2022.
Proceeds from the IPO will be used to finance the development of some of the company’s solar energy projects including the 35.1 MW RASLAG-4 solar photovoltaic (PV) plant as well as the pre-development work on the 60 MW RASLAG-5 facility.
China Bank Capital Corporation was chosen as the offer’s sole issue manager, underwriter, and bookrunner.