Raslag gets PSE approval for its June 6 IPO
Raslag Corp [ASLAG 2.00 pre-IPO] [link] submitted its preliminary prospectus to the PSE’s EDGE disclosure server on Friday, after it received the PSE’s conditional approval for its June 6 IPO on May 12.
ASLAG is owned by the Nepomuceno Family of Angeles City, and is conducting the IPO to remain in compliance with the Electric Power Industry Reform Act (EPIRA) of 2001.
The IPO is expected to raise P700 million through the sale of 350 million primary common shares at P2.00/share, plus an over-allotment option of 52.5 million common shares.
While ASLAG’s listing date didn’t change, it did provide an update for its pricing and offer dates, which are now May 18 for Pricing, with an offer period running from May 23 through May 27. China Bank Capital is the underwriter.
The IPO will have a stabilization fund which will be managed by China Bank Securities.
MB BOTTOM-LINE
My quick glance at the prospectus didn’t reveal any obvious changes to the nuts and bolts of this IPO, aside from the slight adjustments to the offer period that we just talked about. I’ve had a few Barkadans message me about the odd name, but as ASLAG explains in its prospectus, “aslag” is the Kapampangan word for “light”, and “r” stands for... “renewables''.
I’m interested to see the public’s interest in this IPO, which will be the third solar power-related IPO on the PSE in the past 5 months (Solar Philippines NEC [SPNEC 1.60 0.63%] in December, Citicore Energy REIT [CREIT 2.49 0.40%] in February), given that ASLAG’s offering isn’t taking SPNEC’s joint-venture layer approach, and isn’t taking CREIT’s fixed-income REIT approach.
Even though the IPO is technically compelled by EPIRA, ASLAG is selling more primary shares than is required, and has a robust plan for the use of proceeds that will help fund current and future projects for the company.
In the world of compelled IPOs, this is no Synergy Grid [SGP 11.88 0.68%] stew of confusion.
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