{"id":19788,"date":"2024-07-17T03:04:03","date_gmt":"2024-07-17T03:04:03","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/nexgen-energy-stock-price-climbs-1-8-following-market-debut\/"},"modified":"2024-07-17T03:04:03","modified_gmt":"2024-07-17T03:04:03","slug":"nexgen-energy-stock-price-climbs-1-8-following-market-debut","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/nexgen-energy-stock-price-climbs-1-8-following-market-debut\/","title":{"rendered":"NexGen Energy stock price climbs 1.8% following market debut"},"content":{"rendered":"
\n

By Revin Mikhael D. Ochave, <\/b>Reporter<\/i><\/p>\n

NEXGEN Energy Corp., a newly listed renewable energy (RE) company, saw its stocks rise by 1.79% or three centavos to P1.71 per share following its market debut on Tuesday, exceeding its initial price of P1.68 each.<\/span><\/p>\n

NexGen Energy listed its initial public offering (IPO) on the Philippine Stock Exchange\u2019s (PSE) Small, Medium, and Emerging (SME) Board, becoming the third company to go public this year, alongside OceanaGold Philippines, Inc. and Citicore Renewable Energy Corp.<\/span><\/p>\n

Shares of NexGen Energy reached a high of P1.84 before settling at P1.71 by the end of its first trading day. The IPO listing of NexGen Energy brings the PSE closer to its target of achieving six public listings this year.<\/span><\/p>\n

NexGen Energy successfully raised P504 million in gross proceeds from the IPO of its primary common shares, earmarked for the construction and development of solar projects in Zambales and wind projects in Cavite.<\/p>\n

The company also plans to allocate a portion of the proceeds for further development and acquisition of RE projects.<\/p>\n

NexGen Energy sold 300 million primary common shares and an additional 15 million shares from its overallotment option, both priced at P1.68 apiece.<\/p>\n

The proceeds from the overallotment option were sold by Pure Energy Holdings Corp., NexGen Energy\u2019s principal shareholder and parent company.<\/p>\n

During the listing ceremony, PSE President and CEO Ramon S. Monzon urged companies to proceed with their IPO plans to stimulate market activity.<\/p>\n

\u201cI am often asked these days if companies with IPO plans are correct in waiting for better market conditions. My answer has consistently been that if your company has a good story and it needs capital to pursue its development or expansion plans, then that is the appropriate time to list your company,\u201d Mr. Monzon said.<\/p>\n

\u201cThe more companies that defer their IPO plans because of what they call poor market conditions, the more these poor market conditions become a self-fulfilling prophecy,\u201d he added.<\/p>\n

Mr. Monzon also said that NexGen Energy is the first RE company to list on the PSE\u2019s SME board.<\/span><\/p>\n

\u201cThis IPO serves as a timely reminder to other small companies that need to raise capital that the SME board is a very practical and feasible listing route,\u201d he said.<\/span><\/p>\n

NexGen Energy President and Chief Executive Officer Eric Peter Y. Roxas said in his speech that the IPO proceeds will help the company\u2019s expansion plans.<\/p>\n

\u201cAlthough our IPO is a small issue, the funds raised will jump-start a basket of projects with our target of developing over 1,600 megawatts (MW) composed of several solar energy service contracts and 12 wind energy service contracts,\u201d Mr. Roxas said.<\/span><\/p>\n

\u201cThe synergy we have with our sister company, Repower Energy Development Corp. (REDC), will play an important factor in the completion of these projects,\u201d he added.<\/span><\/p>\n

Sought for comment, China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message that NexGen Energy\u2019s public listing will encourage other RE or similarly sized companies to explore listing on the PSE.<\/span><\/p>\n

\u201cThis comes on the back of an improving market backdrop, with the PSE benchmark index rising more than 8% since hitting its year-to-date low last June,\u201d he said.<\/span><\/p>\n

\u201cWe are pleased that the stock closed above its IPO price on its market debut. It appears that many short-term traders exited on the first day, but the bulk of NexGen Energy\u2019s investors are strong hands who are confident about the company\u2019s prospects,\u201d he added.<\/span><\/p>\n

Globalinks Securities and Stocks, Inc. Trader Mark V. Santarina said that NexGen Energy\u2019s stock price is poised to benefit from improving economic conditions and the government\u2019s RE push.<\/span><\/p>\n

\u201cThe stock closed at P1.71, reflecting positive investor sentiment. RE companies are poised to benefit from the Philippine government\u2019s target to increase the renewable energy share in the country\u2019s energy mix,\u201d Mr. Santarina said in a Viber message.<\/span><\/p>\n

\u201cNexGen Energy shares could benefit from improved economic conditions, especially if the Federal Reserve cuts rates by September,\u201d he added.<\/p>\n

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a separate Viber message: \u201cAt this stage, there\u2019s not enough technical analysis indicators, but hopefully it follows the market\u2019s recent upswing.\u201d<\/p>\n

NexGen Energy operates through its subsidiaries SPARC-Solar Powered Agri-rural Communities Corp., 5hour Peak Energy Corp., and Airstream Renewables Corp., which currently produce 13.86 MW of capacity.<\/p>\n

IPO proceeds aim to increase the company\u2019s total capacity to 38.86 MW by the end of 2026.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

NEXGEN Energy Corp., a newly listed renewable energy (RE) company, saw its stocks rise by 1.79% or three centavos to P1.71 per share following its market debut on Tuesday, exceeding its initial price of P1.68 each.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[18776,14644,18778,1236,4467,4795,2989,18777,1568,11908],"class_list":["post-19788","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-1-8","tag-bworldonline","tag-climbs","tag-debut","tag-energy","tag-following","tag-market","tag-nexgen","tag-price","tag-stock"],"yoast_head":"\nNexGen Energy stock price climbs 1.8% following market debut - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/nexgen-energy-stock-price-climbs-1-8-following-market-debut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NexGen Energy stock price climbs 1.8% following market debut - 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