CREC to pursue IPO, listing eyed on June 7

MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) is pushing through with its planned P8-billion initial public offering (IPO) this quarter.

Based on its latest preliminary prospectus, CREC targets to list in the Philippine Stock Exchange (PSE) on June 7.

Pricing date is eyed on May 22, while offer period will run from May 27 to 31.

The PSE has approved CREC’s application for the initial listing of up to 8.928 billion common shares.

CREC’s IPO, which has an initial offer price of up to P3.88 per share, consists of a primary offering of up to 1.786 billion common shares and an over-allotment option of up to 267.858 million secondary common shares.

Gross proceeds from the sale of the firm shares are estimated at P6.93 billion and another P1.04 billion from the exercise of the overallotment option, totaling to P7.97 billion.

The proceeds will be used for capital expenditures, pipeline development and for general corporate purposes.

CREC earlier decided to adjust the indicative date of the offer from March 2024 to the second quarter of the year.

CREC, directly and through its subsidiaries and joint venture, manages a diversified portfolio of renewable energy generation projects, power project development operations and retail electricity supply.

The company has a pipeline of renewable energy projects that form part of its goal of adding approximately one gigawatt of ready-to-build or under construction solar energy capacity each year through 2027.