NexGen Energy Corp. listed its shares on the Philippine Stock Exchange, capitalizing on renewable energy wave.
NexGen, owned by the Tiu family, is the sixth renewable energy firm to list on the local bourse in the past four years.
It raised P504 million in proceeds from the sale of 300 million primary common shares at P1.68 apiece. It was listed on the Small and Medium Enterprise board of the PSE under the trading symbol “XG”.
NexGen president Eric Peter Roxas said during the listing ceremony Tuesday the IPO supports the company’s thrust to diversify, grow and expand to other more complex and renewable technologies such as floating solar, onshore wind and offshore wind and to provide future generations renewable, sustainable and secure power supply.
“The successful race for our IPO is a testament of support and confidence of given to us by our shareholders. Although our IPO is a small issue, the funds raised will jumpstart a basket of projects with our target of developing over 1,600 megawatts composed of several solar energy service contracts and 12 energy service contracts,” Roxas said.
Meanwhile, PSE president and chief executive Ramon Monzon welcomed NexGen as the first renewable energy company to list on the SME board.
Monzon said NexGen’s IPO serves as a reminder to other small companies that the SME Board is a very practical and feasible listing route.
“This market debut may just be the beginning of even more exciting things to come for XG, whose goal is to scale its assets to contribute to the growth of the wind and solar industry and address the challenges of climate change by supplying clean and sustainable energy,” Monzon said.
“We look forward to seeing the timely and proper implementation of its pipeline projects, which will surely boost the prospects and the standing of XG in the renewable energy space. For sure, market watchers are watching how XG will fare compared to the other listed renewable energy companies,” he said.
Other renewable firms that listed in the PSE were SP New Energy Corp. in 2021, Raslag Corp. in 2022, Alternergy Holdings Corp. and Repower Energy Development Corp. in 2023 and Citicore Renewable Energy Corp. in June 2024.
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