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Business

CREC set for listing tomorrow

Richmond Mercurio - The Philippine Star
CREC set for listing tomorrow
Eduardo Francisco.
STAR / File

MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) is set to list on the Philippine Stock Exchange tomorrow, making it the second company to go public this year.

“Client is happy with diversified demand from foreign and local,” BDO Capital & Investment Corp. president Eduardo Francisco told The STAR.

Francisco said locals had institutional, trading participants and retail.

However, he declined to disclose the share volumes and names yet.

BDO Capital is the domestic lead manager and joint bookrunner for the initial public offering (IPO) of CREC.

CREC last month set the final offer price of its offering at P2.7 per share, resulting to potential total proceeds of up to P5.54 billion.

The final offer price was lower than the company’s initial offer price of up to P3.88 per share, which could have generated total proceeds of as much as P7.97 billion.

CREC’s IPO 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.

The offer period ran from May 27 to 31.

CREC, a pure-play renewable energy platform focused on and committed to the development and operation of solar, hydro and wind projects in the Philippines, will use proceeds of the IPO for capital expenditures, pipeline development and for general corporate purposes.

The company’s IPO is the second for the year, following OceanaGold (Philippines) Inc.’s P6.08 billion IPO last month.

OceanaGold made its debut in the PSE last May 13.

For this year, the PSE is targeting six IPOs and about P175 billion worth of capital to be raised.

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