THE Securities and Exchange Commission (SEC) on Thursday said that it had approved the planned initial public offering (IPO) of NexGen Energy Corp.

In a meeting on Tuesday, the commission en banc resolved to render effective NexGen's registration statement covering some 1.49 billion shares, subject to compliance with certain requirements.

NexGen plans to offer to the public 300 million shares at a price of up to P1.68 each, for gross proceeds of approximately P504 million.

Taking out the IPO-related costs, the company expects to net up to P478.4 million, which it will use to partially fund renewable energy projects in Zambales, Cavite, and other parts of the country.

Selling shareholder Pure Energy Holdings Corp. will also offer up to 45 million shares at the same price as part of the over-allotment option, but NextGen will not receive proceeds from the sale of Pure Energy's shares.

Following the IPO, NexGen shares will be listed on the Small, Medium and Emerging Board of the Philippine Stock Exchange.

China Bank Capital Corp. was appointed as the sole issue manager and sole bookrunner for the offer, with Investment & Capital Corp. of the Philippines serving as joint lead underwriter.

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.

Its other subsidiaries, 5hour Peak Energy Corp. and Airstream Renewables Corp., focus on solar and wind projects, respectively.

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