Citicore Renewable Energy Corporation (CREC) on June 7 successfully completed its initial public offering (IPO) and listing on the Philippine Stock Exchange (PSE), receiving a warm reception from both local and international investors.
CREC completed its offering of 1,785,715,000 common shares, with a 10% overallotment option of up to 178,572,000 secondary common shares, at a price of PhP2.70 per share. This brings the total CREC shares listed on the PSE to 8,928,572,143 common shares with the offering representing 22% of CREC’s total outstanding shares, and with a market capitalization of PhP24,107,144,786.10 at the time of listing.
The firm shares, or 70% of the offer shares, were allotted to local and international institutional investors, while the remaining 30% were offered to eligible trading participants on the PSE and to local small (retail) investors.
“Based on our experience, the IPO plays a significant role in shaping companies and our collaboration with the PSE and SEC now extends to three companies — Megawide, CREIT, and CREC. The success of our latest listing motivates us to exceed expectations in fulfilling our commitment to regulators and investors,” said chairman Edgar Saavedra.
The offer attracted reputable domestic and international institutional investors, demonstrating CREC’s upward potential in the Philippine renewable energy space. PSE trading participants and retail investors also fully participated in the offer, which ran from May 27 to 31.
The strong international support received by CREC includes an investment from the UK Government’s MOBILIST programme, an initiative by the British Investment Partnership to deliver assistance to support infrastructure development and green transmission in the Philippines and Southeast Asia. CREC is MOBILIST’s maiden IPO investment in the country focused on renewable energy transition.
Oliver Tan, CREC president and chief executive officer, underscored the importance of the company’s capital raising to support its renewable energy targets of achieving 5,000MW renewable energy capacity by the year 2028,
