Leandro Leviste prices Solar Nueva Ecija's IPO at P1 a share

Leandro Leviste prices Solar Nueva Ecija’s IPO at P1 a share

Solar Philippines Nueva Ecija Corp. (SPNEC) has set the final price for its initial public offering at the maximum price of P1 per share to raise as much as P2.7 billion.

Leandro Leviste gets go-ahead for maiden stock listing of Solar PH unit

SPNEC, a unit of Solar Philippines, will sell up to 2.7 billion shares from December 1 to 7.

Proceeds from the IPO will be used to jumpstart the construction of a 500 megawatt solar project envisioned to be the largest of its kind in Southeast Asia.
Phase 1 of the project, which will have a capacity of 225 MW, will be  funded by proceeds from the share sale and debt.Construction is targeted to start before the end of the year.

Leandro Leviste to take Solar Philippines unit public, eyes P1.3B IPO

Once operational, the project is intended to supplement the Luzon grid’s thin reserves and help prevent the rotating outages.

The Nueva Ecija facility will be the largest among the first 1 GW of projects of Solar Philippines planned to be operating by 2022.

Leandro Leviste to build PH’s biggest solar facility

“We are thankful for this opportunity to launch the Solar Philippines group’s first public offering, which we see as a favorable signal for future offerings,” said Leviste, Solar Philippines founder.

Solar has mandated Abacus Capital and Investment Corp. as issue manager and lead underwriter and Investment Capital Corporation of the Philippines as the participating underwriter for the IPO.

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