Share price of Solar Philippines Nueva Ecija Corp., the developer of what is expected to be the largest solar project in Southeast Asia, rose slight in its debut on the main board of the Philippine Stock Exchange Friday.
SPNEC opened lower at P0.95 per share from its initial public offering price of P1, but recovered in the afternoon to close at P1.01.
PSE president and chief executive Ramon Monzon congratulated SPNEC as the first company to list under PSE’s supplemental listing and disclosure rules for renewable energy companies approved by the PSE in 2011, which provides exemption from the PSE’s track record and operating history requirements.
“I am optimistic that this solar farm project will be equally successful and profitable as the two other solar farms of SPNEC’s parent company in Batangas and Tarlac,” Monzon said.
Monzon said aside from being the first to list under the supplemental rules for renewable energy, SPNEC’s IPO holds the record for having the youngest chairman of a listed company, Leandro Leviste at 28 years old.
“This should serve notice to other young entrepreneurs that they too can access capital through the stock market,” Monzon said.
Securities and Exchange Commission chairman Emilio Aquino said SPNEC’s IPO marked a step forward for renewable energy in the Philippines.
“Its public offering accomplishes two major milestones: First, with the proceeds of the IPO, SPNEC aims to develop a 500-megawatt solar power plant. This power plant will not only be larger than any solar power plant operating or committed in the Philippines today but it will be the largest solar project in Southeast Asia. Second, this listing marks the first time that a renewable energy company will list in the PSE under the supplemental and disclosure requirements for renewable energy companies,” Aquino said.
“We are optimistic that SPNEC’s example will pave the way for more renewable energy companies to list under the supplemental rules for the benefit of the public who will enjoy increased investing opportunities and cleaner power to fuel their daily lives,” he said.
