MANILA, Philippines — Solar Philippines Nueva Ecija Corp. (SPNEC), part of Leandro Leviste’s Solar Philippines, emerged as the top performing initial public offering last year, rising by as much as 38 percent days after its market debut.

MREIT, the real investment trust (REIT) of Andrew Tan’s Megaworld Corp., was the second top performer with an increase of as much as 22.4 percent, followed by Monde Nissin which gained 20 percent.

Gokongwei-led RCR, another REIT company, rose 18 percent while the Filinvest Group’s FILRT rose 5.7 percent.

The list was compiled by Stocksilog, a source of information on news about the Philippine stock market and listed companies.

SPNEC made its debut on the Philippine Stock Exchange last Dec. 17, with its share price closing one percent higher that day at P1.01 from its P1 IPO price after opening at P0.95 per share.

With the listing, SPNEC made history as the first pure-play solar company to list in the local bourse, in a deal that was nearly two times oversubscribed.

PSE president Ramon Monzon said the SPNEC deal attracted investors from 19 countries, two territories and 72 provinces including Nueva Ecija.

Hopefully, he said, these investors share the conviction that renewable energy is the way to go for energy sources in the country.

Monzon also noted that SPNEC’s IPO holds the record for having the youngest chairman of a listed company, the 28-year-old Leviste.

Securities and Exchange Commission (SEC) chairman Emilio Aquino said SPNEC’s IPO marked a step forward for renewable energy in the Philippines.

The PSE had 10 IPOs in 2021.

Monde Nissin, the snack foods giant, meanwhile, holds the title of the biggest initial public offering in the history of the stock market with its P48.6 billion IPO in June 2021.