Renewable energy producer Raslag Corp. set the final offer price for its initial public offering at a maximum of P2 per share despite the market volatility.
Raslag is expected to raise P805 million in proceeds from the sale of 350 million primary common shares with an overallotment option for another 52.5 million secondary shares.
Raslag, a Pampanga-based solar producer, is scheduled to hold the offering period from May 23 to 27, 2022. The company will be listed on the main board of the PSE under the symbol ASLAG on June 6.
The company is conducting its maiden share offering amid volatile trading conditions with the index down more than 10 percent since the start of the year because of concerns on higher inflation and interest rates.
Regina Capital Development Corp. said global pressure to shift to cleaner source of energy and near term lack of supply will bode well for Raslag.