Raslag Corp., a renewable energy company owned by the Nepomuceno family of Pampanga province, plans to raise up to P805 million from an initial public offering to fund solar projects.
Raslag filed an application with the Securities and Exchange Commission to sell up to 350 million common shares, with an overallotment option for another 52.5 million secondary common shares at an offer price of P2 apiece.
The offer shares represent 23 percent of the company’s total outstanding capital stock. Net proceeds from the maiden share offering will be used to fund for the equity portion of its fourth solar power venture (RASLAG-4) which is under development and construction and finance pre-development work for pipeline solar projects.
The company’s maiden project is the 10.046-megawatt-peak Pampanga Solar Power Project Phase I, while its second project is the 13.141-MWp Pampanga Solar Power Project Phase II. It is constructing its third venture—the 18.011- MWp Pampanga Solar Power Project Phase III.