Citicore Energy REIT Corp. (CREIT) has slashed its initial public offering (IPO) price to P2.55 apiece and reduced the number of shares it plans to sell.
The final offering price of P2.55 is 19-percent lower than the P3.15 maximum price earlier set by CREIT.
CREIT informed the Philippine Stock Exchange that it set the final volume of shares at 2.5 billion common shares, down from the initial maximum level of 3.2 billion. CREIT is expected to raise P6.37 billion in total proceeds based on these terms.
CREIT is the real estate investment trust company owned by Citicore Renewable Energy Corp. and Citicore Solar Tarlac 1 Inc.
CREIT plans to use the net proceeds from the IPO to acquire properties in Bulacan and South Cotabato provinces. The offering period is scheduled from Feb. 2 to 8, with a target listing date of Feb. 17.