RENEWABLE energy firm Raslag Corp. saw its share price jump by 2.5% or by five centavos to finish at P2.05 on its listing at the Philippine Stock Exchange (PSE) on Monday.
“The listing of Raslag will grow the portfolio of companies in the Renewable Energy space in our stock market. As an advocate of sustainability, being a member of the Sustainable Stock Exchanges Initiative, the PSE understands the crucial need for renewables in the fight against climate change,” PSE President and Chief Executive Ramon S. Monzon said in a statement.
The firm listed 1.5 billion shares and raised P700 million from its initial public offering (IPO). It will trade under the ticker ASLAG.
Proceeds from the offering will be used to fund the equity portion of a 35.1-megawatt (MW) RASLAG-4 solar photovoltaic plant’s development and construction, and the pre-development work for RASLAG-5’s nearly 60-MW, as well as other upcoming solar projects.
According to Mr. Monzon, the firm received a “warm reception” from the local small investors (LSI).
“The LSI tranche of Raslag was oversubscribed by 1.5 times, making it the fourth IPO to record an LSI oversubscription since the launch of the PSE Electronic Allocation System (PSE EASy),” he added.
Regina Capital Development Corp. Head of Sales Luis A. Limlingan said that value turnover on the local market was concentrated on Raslag closing above IPO price.
“Investors were receptive to the company’s expansion plans given the increased demand for reliable sources of energy in the medium and long term,” he said in a Viber message.
“In general, the global pressures to take a hard shift to renewables to ease the effects of climate change are shifting the limelight to alternative sources of energy, boding well for Raslag and its business model,” he added.
Raslag is a domestic renewable energy developer founded in Angeles City, Pampanga, by Peter G. Nepomuceno and Conrado D. Pecjo, the business development manager of Angeles Power, Inc. — Luisa Maria Jacinta C. Jocson