Raslag Corp. gets approval for initial public offering
The Philippine Stock Exchange, Inc. (PSE) has cleared the initial public offering (IPO) application of Raslag Corp.
Raslag is scheduled to hold its IPO from May 23 to 27. The solar power company will offer up to 350 million primary shares and up to 52.50 million over-allotment option shares at a price of up to P2.00 per share. The final offer price will be determined on May 18 after the company’s book building exercise.
“We welcome the IPO of Raslag as this will help grow the lineup of companies in the renewable energy (RE) space that are listed on the PSE. Providing RE firms an avenue to raise capital for its projects is one of the ways by which we can help address the threat of climate change as an Exchange,” said PSE President and CEO Ramon Monzon.
Proceeds from the IPO will be used by the company to pay for the equity portion of Raslag-4’s development and construction and for the pre-development work for Raslag-5 and other pipeline solar projects. PSE