Solar energy firm Raslag plans to raise P700M through IPO

Pampanga-based solar energy firm Raslag Corp. is eyeing to raise P700 million through offering its shares to the investing public.

On Thursday, the Securities and Exchange Commission (SEC) said it has received the registration statement of Raslag for the initial public offering (IPO) of 350 million common shares at an offer price of up to P2 per share, with an overallotment option of up to 52.5 million common shares.

The company will list its shares on the Main Board of the Philippine Stock Exchange.

Raslag intends to use the proceeds from the offer for the land installment payments for its Pampanga Solar Power Project, funding the equity portion of the same project’s development and construction, as well as pre-development work for a pipeline of solar projects and general corporate purposes.

The company tapped China Bank Capital Corp. as the sole issue manager, sole underwriter, and sole bookrunner for the transaction.

The offer period is scheduled to begin on March 7 and will end on March 18. —VBL, GMA News