Citicore Renewable moves IPO to Q2

Citicore Renewable Energy Corp. (CREC) is moving its planned initial public offering (IPO) next month to a later date.

In an advisory to the Philippine Stock Exchange (PSE), CREC said it “has decided to adjust the indicative date of the offer from March 2024 to the second quarter of 2024.”

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

Meanwhile, the tentative listing and commencement of trading of CREC's shares on the PSE were set on March 22.

In moving the offer period, CREC said it “recently received inquiries from other institutions with regard to participation in the IPO.”

“Following this, the company is carefully evaluating the offers from the various institutions, and hopes to finalize them at the soonest possible time,” it said.

“The Exchange will inform the trading participants and the investing public of further developments on the proposed IPO of the company,” it added.

CREC is eyeing to raise about P13 billion through an IPO by 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 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.—RF, GMA Integrated News