The Securities and Exchange Commission ( SEC ) of the Philippines has approved the proposed initial public offering ( IPO ) of NexGen Energy Corporation.

The SEC, it says in a statement, has seen fit to render effective the registration statement of NexGen Energy, covering 1.49 billion shares, subject to the company’s regulatory compliance.

NexGen Energy, based on information from both the company and the financial regulator, is set to offer some 300 million common shares at up to 1.68 Philippine pesos ( 29 US cents ) apiece to the public, with an overallotment option for up to 45 million shares for the same price from selling shareholder Pure Energy Holdings Corporation. However, NexGen Energy will not receive proceeds from the sale of the option shares to be sold by Pure Energy Holdings.

“The company [NexGen Energy] expects to net up to 478.4 million pesos from the offer,” the SEC notes, “which will be used to partially finance its renewable energy projects in Zambales, Cavite, and other parts of the country.”

Should its IPO be successful, NexGen Energy’s shares will be listed and traded on the Small, Medium and Emerging ( SME ) Board of the Philippine Stock Exchange ( PSE ).

China Bank Capital Corporation will serve as the sole issue manager and bookrunner for the offer, with Investment & Capital Corporation of the Philippines to serve as joint lead underwriter.

Nexgen Energy, established in 2017, operates three solar plants through its subsidiary SPARC-Solar Powered Agri-rural Communities Corporation, with an aggregate capacity of 13.859 megawatts-peak.

NexGen Energy’s planned IPO follows the successful IPO of another energy company, Citicore Renewable Energy Corporation ( CREC ), which successfully listed on the PSE’s main board last week. CREC was the second company to list publicly in the Philippines for 2024.

With NexGen’s impending IPO, the SEC is halfway to achieving its targeted six IPOs for the year. The regulator has earlier said it hopes IPOs for 2024 will raise some 175 billion pesos worth of capital.