MANILA, Philippines – Pampanga-based renewable energy company Raslag Corporation is aiming to raise P700 million through an initial public offering (IPO).

The Securities and Exchange Commission said on Thursday, February 17, that Raslag submitted a registration statement for the IPO of 350 million common shares at an offer price of P2 per share, with an overallotment option of up to 52.5 million common shares.

Raslag will use the funds for land installment payments for its Pampanga Solar Power Project, funding for the equity portion of the same project’s development and construction, funding for pre-development work for its pipeline of solar projects, and general corporate purposes.

The company engaged ChinaBank as the sole issue manager, sole underwriter, and sole bookrunner for the transaction.

Founded in 2013 and owned by the Nepomuceno family, Raslag is one of the pioneers of solar energy development in Central Luzon and in the Philippines.

Raslag’s name comes from the Kapampangan word aslag, meaning “light.” Its stock symbol will be ASLAG when it lists on the main board of the Philippine Stock Exchange.

The offer period is targeted from March 7 to 18, while the listing date is expected to be March 28. – Rappler.com