NextGen Energy Corp., the wind and solar power development unit of businessman Dexter Tiu's Pure Energy Holdings, plans to raise as much as P580 million through an initial public offering (IPO) targeted for June.
The company, in a registration statement filed with the Securities and Exchange Commission, seeks to sell up to 300 million common shares with an overallotment option of up to 45 million secondary shares at a price of P1.68 per share.
Proceeds will be used to fund the equity portion of the Zambales 2 solar project, Silang Maragondon wind project, and the Asian wind project, as well as for the development and/or acquisition of new renewable energy projects and working capital.
Additionally, the funds will be used to develop the power facilities for a climate-controlled indoor farm.
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