Solar Philippines gets IPO approval for 500-MW project developing unit

Solar Philippines Nueva Ecija Corporation (SPNEC) has received approval to proceed with an initial public offering (IPO) to raise aboutPHP 2.7 billion.

The firm plans to use PHP1.3 billion of the total proceeds to finalise the first 50 MW of a 500-MW solar project while the remaining funds will be used to finance land purchases to expand the project beyond 500 MW.The company, a unit of solar power producer Solar Philippines, has received approval from the Philippine Stock Exchange (PSE) and Securities and Exchange Commission (SEC) to offer up to 2.7 billion shares at a price of up to PHP1 apiece. The final offer price will be determined on November 23, 2021. The offering will take place from December 1 to December 7, 2021, and December 17, 2021 is set as the tentative listing date.SPNEC has appointed Abacus Capital and Investment Corporation as issue manager and lead underwriter, while Investment Capital Corporation of the Philippines serves as participating underwriter for the IPO.