NEXGEN Energy Corp., the wind and solar power arm of Pure Energy Holdings Corp., on Friday said it had raised a total of P529 million from an initial public offering (IPO), the proceeds of which will be used to partially fund renewable energy projects in Zambales, Cavite and other parts of the country.

In a statement, NexGen said that while the July 1 to July 8 offer period was relatively short due to time constraints and the approaching ghost month of August, the IPO was oversubscribed "with investors taking up 315 million shares at P1.68 per share."

NexGen offered 300 million new common shares at P1.68 each, with an overallotment option of 45 million secondary shares, from principal shareholder Pure Energy.

"To accommodate the greater-than-expected investor demand, [NexGen] sold an additional 15 million shares from its overallotment option," it said, indicating that 30 million Pure Energy shares were not taken up by the market.

With 300 million of its common shares sold, the firm raised P504 million in net proceeds. It has clarified it would not receive any proceeds from the sale of the overallotment.

NexGen's IPO shares form part of the 1.49 billion common shares (stock symbol: XG) earlier approved for listing by the Philippine Stock Exchange (PSE).

"As we move closer to our listing date ... we are grateful to all who supported the IPO because it demonstrates the confidence in XG's management team to develop and manage the company's long-term growth prospects," NexGen President and Chief Executive Officer Eric Peter Roxas said.

NexGen's shares are tentatively set to be listed on PSE's Small, Medium and Emerging Board on July 18 although this has yet to be confirmed on the bourse's calendar.

Upon its listing, it will be the second subsidiary of Pure Energy Holdings to join the stock exchange after Repower Energy Development Corp. went public in 2023.

"The IPO will be a key milestone in XG's history, given it would provide much-appreciated financing to fulfill our expansion plans, and our investors will be key to us to succeed in our objectives," Roxas said.

NexGen Energy currently operates three solar plants with a total capacity of 13.859 megawatts-peak through its subsidiary, SPARC-Solar Powered Agri-rural Communities Corp.