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