Citicore Renewable Energy Corp., the power generation arm of businessman Edgar Saavedra, priced its initial public offering (IPO) at P2.70 per share, lower by 30.4 percent than the high end of its initial price range of P3.88.
At this price level, CREC will raise P5.4 billion in proceeds from the sale of 1.76 billion common shares and an overallotment option of 267.86 million shares,
The offer period will run from May 27 to May 31, with the tentative listing and start of trading on the Philippine Stock Exchange on June 7, according to the company’s preliminary prospectus.
This will make CREC as the second IPO this year after mining firm OceanaGold Philippines.
CREC has a pipeline of renewable energy projects in line with its goal of adding approximately 1.0 gigawatts of ready-to-build/under construction solar energy capacity each year through 2027.