Citicore Renewable Energy's P13-B IPO gets PSE nod

Citicore Renewable Energy Corporation (CREC) said Thursday it has secured the Philippine Stock Exchange's (PSE) approval to raise about P13 billion through an initial public offering (IPO).

In a statement, CREC said the PSE issued a Notice of Approval on Jan. 29, approving the listing of common shares of the company on the local bourse.

CREC will be offering up to 2,900,000,000 primary shares with an over allotment option of up to 435,000,000 secondary shares to the investing public for P3.88 apiece.

The company will be conducting the offer period from March 11 to 15, while the price setting date will be on March 6.

The tentative listing and commencement of trading of CREC's shares on the PSE will be on March 22.

CREC said proceeds from the IPO will be used to partially fund its capital expenditures and pipeline development for solar energy plants and battery energy storage systems as well as general corporate purposes.

The company has a pipeline of renewable energy projects in the Philippines in line with its goal of adding approximately 1.0GW of ready-to-build/under construction solar energy capacity each year through 2027.

"The PSE's approval is subject to CREC's compliance with all PSE-mandated conditions and requirements," it said.

The Securities and Exchange Commission issued the pre-effective approval for CREC's IPO on Jan. 17. — VDV, GMA Integrated News