PSE approves Citicore Renewable’s P12.9-B IPO

MANILA – The Philippine Stock Exchange has approved the P12.9 billion initial public offering (IPO) of tycoon Edgar Saavedra's Citicore Renewable Energy Corporation (CREC), scheduled for March 22 listing, hoping to kick off the 2024 listing season.

Citicore Renewable received the approval notice from PSE on January 29.

The company will sell 2.9 billion junior shares at 3.88 pesos per share to raise up to 11.25 billion pesos to fund its expansion.

read: Citicore Renewable kicks off 2024 IPO season with P12.9-B offer

Another 435 million shares, worth P1.69 billion, will be sold by Saavedra's Citicore Power, Citicore Renewable's controlling shareholder. The shares will be sold under an over-allotment option for post-IPO price stabilization activities.

“Proceeds from the IPO will be used in part to fund CREC's capital expenditures, pipeline development of solar farms and battery storage systems and for general corporate purposes,” the company said Thursday.

read: Citicore Renewable's P12.9-B IPO confirmed

“CREC has a pipeline of renewable energy projects in the Philippines and aims to add approximately 1.0GW of solar capacity to be built/under construction annually by 2027,” it added.

Previously, the U.S. Securities and Exchange Commission (SEC) also clarified

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